simkins company income statement

what is the increase in estimated returns inventory?

estimated returns inventory is 25,000. How do I figure out increase in estimated returns inventory?

Insert Page Layout Formulas Data Review View Cut Copy Format B ne Wrap Merg fice Update To keep up-to-date with security updlates, fixes, and improvements, choose Check for Upda Expenses: E F GH JK Simkins Company uses which type of inventory system? periodic SIMKINS COMPANY Income Statement For the Year Ended June 30, 2019 Sales 6,590 Cost of merchandise sold 415,000 Merchandise inventory, July 1, 2018 Cost of merchandise purchasec $ 4,100,000 Purchases Purchases retums and allowances Purchases discounts Net purchases Freight in Total cost of merchandise purchased (32,000) 3,000 S 4,055,000 45,000 4.100,000 $4,515,000 Merchandise available for sale Merchandise inventory, June 30, 2019 Cost of merchandise sold before estimated retums Cost of merchandise sold Expenses Seling expenses: Total selling expenses Administrative expenses: a Pr. 6-9B+ Insert Page Layout Formulas Data Review View Cut Copy Format B 1 u . me ffice Update To keep up-to-date with security updates, fixes, and improvements, choose Check for U F G H SIMKINS COMPANY Income Statement For the Year Ended June 30, 2019 590,000 Sales Cost of merchandise sold 415,000 Merchandise inventory, July 1, 2018 Cost of merchandise purchased Purchases $ 4,100,000 Purchases retums and allowances (32,000) 13,000 $ 4,055,000 45,000 Purchases discounts Net purchases Total cost of merchandise purchased Merchandise available for sale Merchandise inventory, June 30, 2019 Cost of merchandise sold before estimated retums . | 4,100,000 $4,515,000 508,000) $4,007,000 Increase in estimated retums inventory Cost of merchandise sold Gross proft Expenses: Selling expenses Sales salaries expense Advertising expense Delivery expense Depreciation expense -store equipment Miscellaneous selling expense 580,000 315,000 18,000 12,000 Total seling expenses 53,000 Administrative expenses Office salaries expense Rent expense Insurance expense Office supplies expense Depreciation expense-office equipment Misce laneous administrative expense $ 375,000 43,000 17,000 5,000 4,000