Solve 4 , 5 Cost ofGoodsSoldGrossProfit(Loss)SalesNetEndingBegInventory Purchases InventoryNetSalesreturnsSales5,00080,00024,000130,00038,0002 126,0006,00048,000145,00046,5007,200 264,800167,00062,800 186,2004 345,0008,600114,000141,000 179,0005 468,000458,800155,000270,000228,000

Net sales = Gross sales - Sales returns Cost of goods sold = Beginning inventory + Net purchases -…

Cost of Goods Gross Sales Profit (Loss) Net Ending Beg Inventory Purchases Inventory Net Sales returns Sales Sold 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000

Cost of Goods Gross Sales Profit (Loss) Net Ending Beg Inventory Purchases Inventory Net Sales returns Sales Sold 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
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