3. value: 10.00 points Parker and Jones is a leading retailer of casual apparel

Question

3. value: 10.00 points Parker and Jones is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a stock analyst and your boss has just completed a review of the new Abercrombie annual report. She provided you with her notes, but they are missing some information that you need. Her notes show that the ending inventory for Parker in the current and previous years was $372,452,000 and $333,093,000, respectively. Net sales for the current year were $3,540,176,000. Cost of goods sold was $1,178,524,000. Net income was $272,185,000. Required: Determine the amount of purchases for the year. (Hint: Use the cost of goods sold equation.) Amount of purchases

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Ending Inventory        372,452,000.00 Beginning Inventory        333,093,000.00 Cost of Goods sold    1,178,524,000.00 Amount of Purchases = COGS + Ending Inventory - Beginning Inventory    1,217,883,000.00

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