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E6-2 Inferring Merchandise Purchases (LO 6-2] The Jump Inc, is a specialty retailer that operates stores selling clothes under the trade names The Jump, Pineapple
E6-2 Inferring Merchandise Purchases (LO 6-2] The Jump Inc, is a specialty retailer that operates stores selling clothes under the trade names The Jump, Pineapple Republic, and New Blue. Assume that you are employed as a stock analyst and your boss has just completed a review of the annual report of The Jump Inc, for the third quarter of 2016. She provided you with her notes, but they are missing some information that you need. Her notes show the inventory for Jump was $3.8 billion at the end of the quarter and $2.7 billion at the beginning of the quarter. Net Sales for the quarter were $7.6 billion. Gross Profit was $3.0 billion and Net Income was $320 million Required: Determine the cost of Goods Sold and Purchases for the third quarter. (Enter your answers in billions rounded to 1 decimal place.) billion Cost of Goods Sold Purchases Amount billion E6-12 Reporting Net Sales after Sales Discounts and Sales Returns (LO 6-4) The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $430 (total) sales price in cash. The goods cost Bear's $320. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,200 (total); terms 3/10, n/30. The goods cost Bear's $2,600. 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,200 (total); terms 3/10, n/30. The goods cost Bear's $4,100. 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy's Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the net sales revenue to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales Revenue
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