Question
Exercise 8-6 Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
Exercise 8-6
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
| 2016 | 2017 | 2018 | ||||
| Sales revenue | $290,040 | $ | $412,060 | |||
| Sales returns and allowances | (12,080) | (13,370) | ||||
| Net sales | 344,851 | |||||
| Beginning inventory | 20,500 | 33,580 | ||||
| Ending inventory | ||||||
| Purchases | 258,490 | 295,577 | ||||
| Purchase returns and allowances | (4,650) | (7,650) | (9,510) | |||
| Freight-in | 7,840 | 9,070 | 12,000 | |||
| Cost of goods sold | (230,630) | (291,474) | ||||
| Gross profit on sales | 47,330 | 95,500 | 97,150 |
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Coping With Financial Accounting 1 For Senior Secondary Schools And Undergraduate Studies
Authors: Festus Chukwunwendu Akpotohwo ,Stella Alfred-Jaja Wellington-Igonibo ,Cletus Ogeibiri
1st Edition
3659611034, 978-3659611032
