Required: Solve for the missing items in the partial incomestatements given below:E9-820152016201220132014Sales100,000120,000150,000160,000Gross Profit44,00039,00018,000Beginning80,00070,00085,00075,000InventoryNet Purchases90,00080,000120,000165,000Cost of goods sold 70,000135,000Sales ret & allow6,00018,000Ending inventory65,00085,000100,000Net sales117,000144,000150,000

Net Sales = Sales - Sales Returns Gross Profit = Net sales - cost of goods sold Net Sales = Closing…

2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 85,000 75,000 Beginning Inventory 80,000 70,000 Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000

2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 85,000 75,000 Beginning Inventory 80,000 70,000 Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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