I. The partial income statements of five different companies are as follows:23.250,000 290,000 400,00070,0004Net SalesMerchandise Inventory,1/1/2020Net Cost of PurchasesGoods Available for SaleMerchandiseInventory, 1/31/2020Cost of Goods SoldGross Profitb80,000110,000 160,00050,000120,000160,000 390,000hkm30,000 70,000f140,000 230,00050,000 | 40,000|40,000n380,000| 160,000Required: Replace the lettered blanks with the appropriate amounts.

Goods Available for Sale during a period = Opening Inventory + Net Purchases during a period Cost of…

I. The partial income statements of five different companies are as follows: 3. Net Sales Merchandise Inventory,1/1/2020 Net Cost of Purchases Goods Available for Sale Merchandise 250,000 290,000 400,000 70,000 50,000 120,000 160,000 390,000 k 80,000 110,000 160,000 h 30,000 70,000 Inventory,1/31/2020 Cost of Goods Sold Gross Profit 40,000 140,000 230,000 40,000 380,000 50,000 160,000 Required: Replace the lettered blanks with the appropriate amounts.

I. The partial income statements of five different companies are as follows: 3. Net Sales Merchandise Inventory,1/1/2020 Net Cost of Purchases Goods Available for Sale Merchandise 250,000 290,000 400,000 70,000 50,000 120,000 160,000 390,000 k 80,000 110,000 160,000 h 30,000 70,000 Inventory,1/31/2020 Cost of Goods Sold Gross Profit 40,000 140,000 230,000 40,000 380,000 50,000 160,000 Required: Replace the lettered blanks with the appropriate amounts.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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