7-31 (book static) The following is given for Kuperstein\'s Jewelry Wholesalers

Question

7-31 (book static) The following is given for Kuperstein's Jewelry Wholesalers for the year ended December 31, 20X8 (S in thousands): Question Help (Click the icon to view the data.) Requirement 1. Prepare a detailed gross profit section for Kuperstein's Jewelry Wholesalers for the year ended December 31, 20xB (S in thousands), computing the amount for Gross Sales Kuperstein's Jewlery Wholesalens Schedule of Gross Profit For 0 Year Ended December 31, 20X8 Data Table (S in thousands) Cash discounts on purchases Sales returns and alowancers Gross purchases Merchandise invertory $6 Cash discounts on sales 50 Purchase returns and allowances 650 Freight in Deduct Net sales Deduct Cost of goods sold Merchandise inventory December 31, 20X7 103 December 31, 208 180 Gross proft Deduct Print Done Net purchases from any list or enter any number in the input fields and then click Check Answer

Explanation / Answer

Sales revenue 995 Less: sales return and allowances 50 Less: Cash discount on sales 4 54 Net sales 941 Deduct: Cost of Goods sold Beginning inventory of Inventory 103 Purchases 650 Deduct:Purchase return ad allowance 27 Deduct: Cash purchase 6 Net purchases 617 Add: Freight in 50 Total cost of merchandise acquired 667 Cost of goods available for sale 770 Less: Ending inventory 185 Cost of Goods sold 585 Gross Profit 356

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