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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Calculate the missing items in the following:

images

To determine

Compute the missing items for (a), (b), and (c).

Explanation

Gross profit: The excess of price of merchandise sold over the cost of merchandise sold is referred to as gross profit.

Formula to compute gross profit:

Gross profit = Net sales – Cost of goods sold

DetailsAmount ($)Amount ($)Amount ($)Amount ($)
Sales  $XXX 
Less: Sales returns and allowances $XXX  
 Less: Sales discounts XXXXXX 
 Net sales   $XXX
Cost of goods sold:    
 Beginning merchandise inventory  $XXX 
 Purchases $XXX  
 Less: Purchase returns and allowances$XXX   
 Less: Purchases discountsXXXXXX  
 Net purchases XXX  
 Add: Freight-in XXX  
 Cost of goods purchased  XXX 
 Cost of goods available for sale  XXX 
 Less: Ending merchandise inventory  XXX 
Cost of goods sold   XXX
Gross profit   $XXX

Table (1)

Compute the missing items for (a)

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