E8.6 (LO 2) (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.201920202021Sales revenue$290,000$ ?$410,000Sales returns and allowances11,00013,000?Net sales347,000Beginning inventoryEnding inventory20,00032,000????Purchases?260,000298,000Purchase returns and allowances5,0008,00010,000Freight-inCost of goods soldGross profit on sales8,0009,00012,000233,000?293,00046,00091,00097,000

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Description: E8.6 (LO 2) (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.201920202021Sales revenue$290,000$ ?$410,000Sales returns and al

Periodic inventory system: It involves the physical count of inventory at specific interval of time.

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O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 28CE: Inventory Errors McLelland Inc. reported net income of $175,000 for 2019 and $210,000 for 2020....

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Inventory Errors McLelland Inc. reported net income of $175,000 for 2019 and $210,000 for 2020. Early in 2020, McLelland discovers that the December 31, 2019 ending inventory was overstated by $20,000. For simplicity, ignore taxes. Required: 1. What is the correct net income for 2019? For 2020? 2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, 2019? At December 31, 2020?
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $ ? $410,000Sales returns and allowances11,00013,000? Net sales? 347,000? Beginning inventory20,00032,000? Ending inventory? ? ? Purchases? 260,000298,000Purchase returns and allowances5,0008,00010,000Freight-in8,0009,00012,000Cost of goods sold233,000? 293,000Gross profit on sales46,00091,00097,000
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 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 eTextbook and Media
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,220 $ $406,640 Sales returns and allowances (10,120) (13,630) Net sales 347,802 Beginning inventory 21,500 30,300 Ending inventory Purchases 258,310 297,477 Purchase returns and allowances (5,090) (7,370) (10,330) Freight-in 8,390 8,240 11,340 Cost of goods sold (230,540) (295,670) Gross profit on sales 49,560 93,400 89,130
E7-2 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,080 4,990 16,070 10,230 $ 7,560 $ 5,840 1,720 200 1,520 $ Case B 6,530 8,630 15,160 10,980 $ 7,560 $ 4,180 1,400 840 (560) $ Case C $ 3,950 9,380 13,330 8,980 $ 6,160 4,350 3,790 560 1,250
A. Assuming that the company had the following beginning balances in its allowance for inventory write down accounts: FG – P60,000; WIP – P0; RM – P60,000, what is the total loss on inventory write-down to be recognized for the year?B.
E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,460 $ 1,460 950 1,080 Purchases 250 $ 160 130 1,450 1,200 700 1,010 Total Available 1,160 Ending Inventory $ 600 270 270 Cost of Goods Sold 540 Gross Profit 420 570 Expenses $ 260 240 160 100 Pretax Income (Loss) 160 270 (60)
3. Question: What is the cost of HIBISCUS Company's inventory at December 31, 2020, under the average method? a. ₱ 289,150 b. ₱ 281,250 c. ₱ 266,560 d. ₱ 291,060 At December 31, 2020, the following information was available from HIBISCUS Company's accounting records:
i. Describe three (3) techniques of constructing accounts from incomplete records ii. The following figures are for the year 2020: Inventory 1.1.2020 Inventory 31.12.2020 $4000 6000 Purchases 52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach.
This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales Days in inventory 2021 2022 $2.540 2,971 24,351 23,097 43,483 42,105 Inventory tumover ratio Gross profit rate $2,163 Calculate the inventory turnover, days in inventory, and gross profit rate for Monty Inc. for 2021 and 2022. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 2,540 2021 26 140.4 44 times days 2022 21 1738 45.14 times days
At December 31, 2020, the following information was available from HIBISCUS Company's accounting records: What is the cost of HIBISCUS Company's inventory at December 31, 2020, under the average method? ₱ 281,250 ₱ 266,560 ₱ 291,060 ₱ 289,150
An error understated Golden Flash Company’s December 31, 2018, ending inventoryby $27,000. What effect will this error have on net income for 2019?a. Understate itb. Have no effect on itc. Overstate it