Question
Asked Jan 17, 2020
391 views
The Playa Company uses a periodic inventory system. The following information is taken from Playa's records.
Certain data have been intentionally omitted. ($ in thousands)
2016
2017
2018
Beginning inventory
Cost of goods sold
Ending inventory
Cost of goods available for sale
Purchases (gross)
225
?
627
621
225
?
216
876
800
630
585
Purchase discounts
18
15
14
Purchase returns
30
24
Freight-in
13
32
16
Required:
Determine the missing numbers. Show computations where appropriate.
help_outline

Image Transcriptionclose

The Playa Company uses a periodic inventory system. The following information is taken from Playa's records. Certain data have been intentionally omitted. ($ in thousands) 2016 2017 2018 Beginning inventory Cost of goods sold Ending inventory Cost of goods available for sale Purchases (gross) 225 ? 627 621 225 ? 216 876 800 630 585 Purchase discounts 18 15 14 Purchase returns 30 24 Freight-in 13 32 16 Required: Determine the missing numbers. Show computations where appropriate.

fullscreen
check_circle

Expert Answer

Step 1

Compute missing number for 2016, 2017 and 2018 using the below mentioned formulas:

Accounting homework question answer, step 1, image 1
fullscreen
Step 2

Compute missing numbers of 2016 as shown below:

Accounting homework question answer, step 2, image 1
fullscreen
Step 3

Compute missing numbers of 2017 as ...

Accounting homework question answer, step 3, image 1
fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add