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Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
2019 2020 2021
Sales revenue $290,000 $360000 $410,000
Sales returns and allowances (11,000) (13,000) (20000)
Net sales 279000 347,000 390000
Beginning inventory 20,000 32,000 37000
Ending inventory 32000 37000 44000
Purchases 242000 260,000 298,000
Purchase returns and
allowances (5,000) (8,000) (10,000)
Freight-in 8,000 9,000 12,000
Cost of goods sold (233,000) 256000 (293,000)
Gross profit on sales 46,000 91,000 97,000

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Parrain

Answer:

2019

Net Sales = Sales revenue - Allowances = 290,000 - 11,000 = $279,000

Ending Inventory = 2020 Beginning balance = $32,000

Purchases = Cost of goods sold + Ending inventory + Purchase returns - Beginning inventory - freight-in

= 233,000 + 32,000 + 5,000 - 20,000 - 8,000

= $242,000

2020

Sales revenue = Sales returns + Net sales = 13,000 + 347,000 = $360,000

Cost of goods sold = Net sales - Gross profit = 347,000 - 91,000 = $256,000

Ending Inventory = Beginning inventory + Purchases + Freight in - Purchase returns - Cost of goods sold

= 32,000 + 260,000 + 9,000 - 8,000 - 256,000

= $37,000

2021

Net sales = Cost of goods sold + gross profit = 293,000 + 97,000 = $390,000

Sales returns = Sales - Net Sales = 410,000 - 390,000 = $20,000

Beginning Inventory = 2020 ending inventory = $37,000

Ending inventory = Beginning inventory + Purchases + Freight in - Purchase returns - Cost of goods sold

= 37,000 + 298,000 + 12,000 - 10,000 - 293,000

= $44,000

Ver imagen Parrain

The missing amount for the year 2019,2020, and the year 2020 should be calculated below,

Calculation of missing amounts:

For 2019

Net Sales = Sales revenue - Allowances

= 290,000 - 11,000

= $279,000

Ending Inventory = 2020 Beginning balance = $32,000

So,

Purchases = Cost of goods sold + Ending inventory + Purchase returns - Beginning inventory - freight-in

= 233,000 + 32,000 + 5,000 - 20,000 - 8,000

= $242,000

For 2020

Sales revenue = Sales returns + Net sales

= 13,000 + 347,000

= $360,000

Cost of goods sold

= Net sales - Gross profit

= 347,000 - 91,000

= $256,000

So,

Ending Inventory = Beginning inventory + Purchases + Freight in - Purchase returns - Cost of goods sold

= 32,000 + 260,000 + 9,000 - 8,000 - 256,000

= $37,000

For 2021

Net sales = Cost of goods sold + gross profit

= 293,000 + 97,000

= $390,000

Sales returns = Sales - Net Sales

= 410,000 - 390,000

= $20,000

Beginning Inventory = 2020 ending inventory = $37,000

Ending inventory = Beginning inventory + Purchases + Freight in - Purchase returns - Cost of goods sold

= 37,000 + 298,000 + 12,000 - 10,000 - 293,000

= $44,000

Learn more about an inventory here: https://brainly.com/question/14170257

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