Two or more items are omitted in each of the tabulations of income statement data shown below​

Jawaban:

For 2013:

Net sales = $279,000

Ending inventory = $32,000

Purchases = $242,000

For 2014:

Sales revenue = $360,000

Cost of Goods sold = $269,000

Ending inventory = $24,000

For 2015:

Net sales = $390,000

Sales returns and allowances = $20,000

Beginning inventory = $24,000

Ending inventory = $31,000

Explanation:

Note: See the attached excel file for the tabulated income statement data to see the filled missing amounts. The answers are the ones in bold red color.

For each of the years, the calculations are done as follows:

For 2013:

Net sales = Sales revenue – Sales returns and allowances = $290,000 – $11,000 = $279,000

Ending inventory in 2013 = Beginning inventory in 2014 = $32,000

Purchases = Cost of Goods sold – Beginning inventory + Purchase returns and allowances – Freight-in + Ending inventory = $233,000 – 20,000 + 5,000 – 8,000 + $32,000 = $242,000

For 2014:

Sales revenue = Sales returns and allowances + Net sales = $13,000 + $347,000 = $360,000

Cost of Goods sold = Net sales – Gross profit on sales = $347,000 – $91,000 = $269,000

Ending inventory = Beginning inventory + Purchases – Purchase returns and allowances + Freight-in – Cost of Goods sold = $32,000 + $260,000 – $8,000 + $9,000 – $269,000 = $24,000

For 2015:

Net sales = Cost of Goods sold + Gross profit on sales = $293,000 + $97,000 = $390,000

Sales returns and allowances = Sales revenue – Net sales = $410,000 – $390,000 = $20,000

Beginning inventory in 2015 = Ending inventory in 2014 = $24,000

Ending inventory = Beginning inventory + Purchases – Purchase returns and allowances + Freight-in – Cost of Goods sold = $24,000 + $298,000 – $10,000 + $12,000 – $293,000 = $31,000

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