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(Determining Merchandise Amounts-Periodic)
E 8-6 (Determining Merchandise Amounts-Periodic) Reference page 424 illustration 8-8; unfortunately Sales, Sales Returns and Net Sales is not included. Two or more items are omitted in each of the following tabulations if income statement data. Fill in the amounts that are missing. Please show your work in the space listed next the missing amount.
2013 2014 2015
Sales $290,000 $ A? $410,000
Sales Returns 11000 13000 B?
Net Sales C? 347,000 D?
Beginning Inventory 20,000 32,000 E?
Ending Inventory F? G? H?
Purchases I? 260,000 298,000
Purchase returns and
allowances 5,000 8,000 10,000
Transportation-in 8,000 9,000 12,000
Cost of Goods Sold 233,000 J? 293,000
Gross Profit on sales 46,000 91,000 97,000
Hint,Cost of Goods Sold plus Gross Profit on Sales equals Net Sales
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