Two or more items are omitted in each of the following tabulations of income sta

Question

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.

2016

2017

2018

2016

2017

2018

Sales revenue $288,820 $

$410,020 Sales returns and allowances (11,060) (13,430)

Net sales

348,998

Beginning inventory 19,210 33,650

Ending inventory

Purchases

261,470 298,835 Purchase returns and allowances (5,040) (7,800) (10,240) Freight-in 8,110 8,410 12,600 Cost of goods sold (235,200)

(293,080) Gross profit on sales 42,560 95,570 96,640

Explanation / Answer

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.

2016 2017 2018 Sales revenue 288820 362428 410020 Sales returns and allowances (11060) (13430) (20300) Net sales 277760 348998 389720 Beginning inventory 19210 33650 42302 Ending inventory 33650 42302 50417 Purchase 246570 261470 298835 Purchase returns and allowances (5040) (7800) (10240) Freight in 8110 8410 12600 Cost of goods sold (235200) (253428) (293080) Gross profit on sales 42560 95570 96640

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