Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales Inventory Gross Profit Company Revenue Inventory $ 105,000 $ 23,000 $ 59,000 $ 22,000 24 (a) $ 45,000 Large Small (b) 27,000 94,000 (c) 99,000 40,000 Medium 96,000 (d) 58,000 24,000 68,000 (e) Petite 80,000 8,000 (f) 6,500 (g) 44,000 Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Large's operating expeises for the vear were $12 000
Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales Inventory Gross Profit Company Revenue Inventory $ 105,000 $ 23,000 $ 59,000 $ 22,000 24 (a) $ 45,000 Large Small (b) 27,000 94,000 (c) 99,000 40,000 Medium 96,000 (d) 58,000 24,000 68,000 (e) Petite 80,000 8,000 (f) 6,500 (g) 44,000 Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2019, for Large Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Large's operating expeises for the vear were $12 000
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3MAD: Analyze and compare Costco, Wal-Mart, and Nordstrom The general merchandise retail industry has a...
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