A+ Answers

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    $410,000

     (347,000 + 13000)   

Sales Returns                  $11,000    $13,000    

Net Sales                         $347,000    

Beginning Inventory        $20,000    $32,000    

Ending Inventory                     

Purchases                          $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    $293,000

Gross Profit on sales     $46,000    $91,000    $97,000