SIMPLIFY The nartial income statements of five different companies are as follows:234Net SalesMerchandise Inventory, 1/1/2020Net Cost of PurchasesGoods Available for SaleMerch. Inventory, 1/31/2020Cost of Goods Soldad250,000290,000400,000120,000390,000b50,00070,00080,000160,000110,000160,000km40,00030,00070,000140,000230,000380,000Gross Profit50,00040,000i160,000Required: Replace the lettered blanks with the appropriate amounts.

Formulas : Net sales = Cost of goods sold + Gross profit Cost of goods sold = Opening Inventory +…

The partial income statements of five different companies are as follows: 1 3 4 Net Sales Merchandise Inventory, 1/1/2020 Net Cost of Purchases Goods Available for Sale Merch. Inventory, 1/31/2020 Cost of Goods Sold a 250,000 290,000 70,000 400,000 120,000 390,000 50,000 80,000 110,000 40,000 8. 160,000 160,000 k 30,000 230,000 70,000 140,000 380,000 Gross Profit 50,000 40,000 160,000 Required: Replace the lettered blanks with the appropriate amounts.

The partial income statements of five different companies are as follows: 1 3 4 Net Sales Merchandise Inventory, 1/1/2020 Net Cost of Purchases Goods Available for Sale Merch. Inventory, 1/31/2020 Cost of Goods Sold a 250,000 290,000 70,000 400,000 120,000 390,000 50,000 80,000 110,000 40,000 8. 160,000 160,000 k 30,000 230,000 70,000 140,000 380,000 Gross Profit 50,000 40,000 160,000 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 7MCQ

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