Question
Net Sales Beginning Inventory Net Purchases Ending Inventory Cost of Goods Sold Gross Profit Expenses Net Income or (Loss) A. 330,000 76,000 104,000 35,200 ?
| Net Sales | Beginning Inventory | Net Purchases | Ending Inventory | Cost of Goods Sold | Gross Profit | Expenses | Net Income or (Loss) | |
| A. | 330,000 | 76,000 | 104,000 | 35,200 | ? | 185,200 | 72,000 | ? |
| B. | 570,000 | 75,000 | 270,000 | ? | 264,000 | ? | ? | 20,000 |
| C. | 630,000 | 150,000 | ? | 170,000 | 441,000 | 189,000 | 160,000 | ? |
| D. | 790,000 | ? | 450,000 | 135,000 | ? | 234,000 | 250,000 | ? |
| E. | ? | 156,000 | ? | 220,000 | 400,000 | 130,000 | ? | (15,000) |
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts.
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Intermediate Accounting 2007 FASB Update Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
12th Edition
0470128755, 978-0470128756
