Consider the data of the following companies: Requirements 1. Supply the missing amounts in the preceeding table.

Question:

Consider the data of the following companies:

Ending Cost of goods sold Beginning Net Gross Company Net sales purchases 65,000 $ 17,000 95,000 52,000 (f) 5,000 invent

Requirements

1. Supply the missing amounts in the preceeding table.

2. Prepare the income statement for Red Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Red’s operating expenses for the year were $11,000.

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: Dec 16, 2011 08:27 AM

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Consider the data of the following companies: Requirements 1. Supply the missing amounts in the preceeding table.

Question:

Ending Cost of goods sold Beginning Net Gross Company Net sales purchases 65,000 $ 17,000 95,000 52,000 (f) 5,000 inventory profit inventory $ 22,000 25,000 (d) 12,000 $ 101,000 (a) $ 31,000 Red Yellow Orange (b) (c) 96,000 22,000 93,000 86,000 62,000 (e) (g) 49,000 Green

Step by Step Answer:

Red a Cost of goods sold 101000 31000 70000 Yellow bNet sales 9600...View the full answer

Accounting

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