Question
In: Accounting
Two or more items are omitted in each of the following tabulations of income statement data....
Two or more items are omitted in each of the following
tabulations of income statement data. Fill in the amounts that are
missing.
|
2019 |
2020 |
2021 |
||||
| Sales revenue | $292,600 |
$ |
$405,910 | |||
| Sales returns and allowances | (11,080) | (13,080) | ||||
| Net sales | 346,984 | |||||
| Beginning inventory | 21,640 | 29,710 | ||||
| Ending inventory | ||||||
| Purchases | 260,630 | 297,160 | ||||
| Purchase returns and allowances | (5,380) | (7,330) | (9,860) | |||
| Freight-in | 7,280 | 8,970 | 11,960 | |||
| Cost of goods sold | (233,910) | (293,097) | ||||
| Gross profit on sales | 47,610 | 89,840 | 97,030 |
Solutions
Expert Solution
- Requirement
|
2019 |
2020 |
2021 |
|||
|
Sales revenue |
$292,600 |
$360,064 |
$405,910 |
||
|
Sales returns and allowances |
($11,080) |
($13,080) |
($15,783) |
||
|
Net sales |
$281,520 |
$346,984 |
$390,127 |
||
|
Beginning inventory |
$21,640 |
$29,710 |
$34,836 |
||
|
Ending inventory |
$29,710 [enter as NEGATIVE if required] |
$34,836 [enter as NEGATIVE if required] |
$40,999 [enter as NEGATIVE if required] |
||
|
Purchases |
$240,080 |
$260,630 |
$297,160 |
||
|
Purchase returns and allowances |
($5,380) |
($7,330) |
($9,860) |
||
|
Freight-in |
$7,280 |
$8,970 |
$11,960 |
||
|
Cost of goods sold |
($233,910) |
($257,144) |
($293,097) |
||
|
Gross profit on sales |
$47,610 |
$89,840 |
$97,030 |
- Workings
|
2019 |
2020 |
2021 |
||||
|
Sales revenue |
292600 |
=346984+13080 |
405910 |
|||
|
Sales returns and allowances |
-11080 |
-13080 |
=390127-405910 |
|||
|
Net sales |
=292600-11080 |
346984 |
=293097+97030 |
|||
|
Beginning inventory |
21640 |
29710 |
34836 |
|||
|
Ending inventory |
29710 |
=291980-257144 |
=334096-293097 |
|||
|
Purchases |
=263620-21640+5380-7280 |
260630 |
297160 |
|||
|
Purchase returns and allowances |
-5380 |
-7330 |
-9860 |
|||
|
Freight-in |
7280 |
8970 |
11960 |
|||
|
Cost of goods sold |
-233910 |
=(346984-89840)*-1 |
-293097 |
|||
|
Gross profit on sales |
47610 |
89840 |
97030 |
|||
|
Additional working column |
Cost of Goods available for sale |
=233910+29710 |
=29710+260630-7330+8970 |
=34836+297160-9860+11960 |
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