or a through d ID the items designated by X and Y a. purchases - (x+y)=net purchases b. net purchases + x = Cost of merch purchased c. merch inv(beg) +cost of merch purchased = X d.merch available for sale - X= COMS 2. 2 items are omitted in each of the following four lists of income statement data. determine the amounts of the missing items ID them by letter Sales: $250,000 600,000 1,000,000 (g) Sales Returns and Allowances: (a) 30,000 (e) 7,500 Sales Discounts: 10,000 18,000 40,000 11,500 Net Sales: 225,000 (C) 910,000 (h) COMS: (B) 330,000 (f) 400,000 Gross Profit (d) 286,500 120,000 (how do you figure that out?) 3. in each space, place the correct sign < or > or = for each comparison assuming periods of rising prices a. FIFO inv____LIFO inv b. FIFO cost of good sold___LIFO cost of goods sold c. FIFO net income___LIFO net income d.FIFO income tax___LIFO income tax Why would management perfer to use LIFO over FIFO in periods of rising prices? 4.Journalize these: a. Barcarti company returned 6000 of merch purchased on account on june 8 from sharipo the cost of merch returned was 4000 b.barcarti company paid shapiro for purchase of june 8 less discount and less return june 12 c. shaprio sold merch on account to barcarti 15,000 terms FOB shipping point n/eom. the cost of merch was sold at 9,000 d.barcarti paid transportation charges of 400 on june 24 purchase from sharipo e.barcarti paid sharipo on account for purchase of june 24