Acct 311 HW 5 of 6- Chapter 8 and 9-Summer 2017 The following income statement r

Question

Acct 311 HW 5 of 6- Chapter 8 and 9-Summer 2017 The following income statement related chart has a number of omitted balances. Fill in the amounts that are missing. 1. 2018 $ 410,000 2017 2016 290,000 Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold 11,000 13,000 347,000 32,000 20,000 5,000 8,000 233,000 46,000 260,000 8,000 9,000 298,000 10,000 12,000 293,000 97,000 Gross profit on sales 91,000

Explanation / Answer

2016 2017 2018 Sales revenue 290000 360000 410000 Sales return and Allowance 11000 13000 20000 Net sales 279000 347000 390000 Beginning Inventory 20000 32000 0 Ending Inventory 0 37000 7000 Purchases 210000 260000 298000 Purchase return and allowance 5000 8000 10000 Frieght in 8000 9000 12000 Cost of Goods sold 233000 256000 293000 Gross profit on sales 46000 91000 97000

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