for a through d ID the items designated by X and Y a. purchases - (x+y)=net purc
ID: 2345548 • Letter: F
Question
for 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.
Explanation / Answer
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
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