30.00 points E6-6 Inferring Missing Amounts Based on Income Statement Relationsh

Question

30.00 points E6-6 Inferring Missing Amounts Based on Income Statement Relationships LO 6-2, LO 6-5] Supply the missing dollar amounts for each of the following independent cases. Sales Beginning Purchases Available Revenue Inventory Selling and General Expenses Operations Income from Ending Cost ofGross Inventory Goods Sold Profit Total Cases A $ 2,600700$550 1,000 $ 350 350 300 450 400 1,270 570 150 500 600 400 500 770 1,240 920 250 References eBook &Resources; Worksheet Difficulty: 1 Easy Learning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement

Explanation / Answer

Beginning inventory+Purchases=Total available

Total available-ending inventory=COGS

Sales-COGS=Gross profit

Gross profit-Selling expenses=Income from operations

Case Sales Beginning inventory Purchases Total available Ending inventory COGS Gross profit Selling expense Income from operations A 2600 700 550 1250 350 900 1700 350 1350 B 1270 570 1000 1570 750 820 450 300 150 C 1270 400 600 1000 500 500 770 450 320 d 1240 270 920 1190 600 590 650 400 250

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