The table below contains portions of the income statements of four differentcompanies:123.d200,000240,000100,00015,000Net Sales12,00030,000Beginning InventoryNet Cost of Purchases125,000145,000e95,00055,000fGoods Available for SaleEnding InventoryCost of Goods SoldGross Profitak25,00040,00010,0001.b.90,00085,000130,000Required: Replace the lettered blanks with the appropriate amounts.

In accounting terms, Net sales are defined as the revenues earned by the entity through business…

240,000 30,000 200,000 100,000 15,000 55,000 Net Sales 12,000 Beginning Inventory Net Cost of Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit 125,000 95,000 f 145,000 a k 25,000 40,000 90,000 10,000 1. b 85,000 130,000

240,000 30,000 200,000 100,000 15,000 55,000 Net Sales 12,000 Beginning Inventory Net Cost of Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit 125,000 95,000 f 145,000 a k 25,000 40,000 90,000 10,000 1. b 85,000 130,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 7PA: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

The table below contains portions of the income statements of four different
companies:
1
2
3.
d
200,000
240,000
100,000
15,000
Net Sales
12,000
30,000
Beginning Inventory
Net Cost of Purchases
125,000
145,000
e
95,000
55,000
f
Goods Available for Sale
Ending Inventory
Cost of Goods Sold
Gross Profit
a
k
25,000
40,000
10,000
1.
b.
90,000
85,000
130,000
Required: Replace the lettered blanks with the appropriate amounts.

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