Principles of Managerial Accounting: ACCT 2302-41007- SUMMER Homework: HW16 Scor

Question

Principles of Managerial Accounting: ACCT 2302-41007- SUMMER Homework: HW16 Score: 0 of 25 pts S16-7 (similar to) 2 of 4 (1 complete) Consider the following partially completed income statements for merchandising companies and con ?(Click the icoh to view the Income Statements) Boswell, Inc. Net Sales Revenue 102,000 Cost of Goods Sold Beginning Merchandise Inventory Purchases and Freight in Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold 51,000 2 100) 62.000 is Gross Profit 40,000 Selling and Administrative Expenses Enter any number in the edit fields and then click check Answer Clear All remaining

Explanation / Answer

Income Statement(Partial)

Net Sales Revenue

$ 102,000.00

Cost of Goods Sold

Beginning Merchandise Inventory

$    13,100.00

Purchase and Freight in

$    51,000.00

Cost of goods available for sale

$    64,100.00

Ending Merchandise Inventory

$    (2,100.00)

Cost of goods sold

$    62,000.00

Gross Profit

$    40,000.00

Beginning Inventory=

(Cost of Goods sold-(purchases-Ending Inventory)

Beginning Inventory=

(62000-(51000-2100))

Beginning Inventory=

$13,100.00

Income Statement(Partial)

Net Sales Revenue

$ 102,000.00

Cost of Goods Sold

Beginning Merchandise Inventory

$    13,100.00

Purchase and Freight in

$    51,000.00

Cost of goods available for sale

$    64,100.00

Ending Merchandise Inventory

$    (2,100.00)

Cost of goods sold

$    62,000.00

Gross Profit

$    40,000.00

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