H9. E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1Enter the missing dollar amounts for the income statement for each of the following independent cases:CasesABCDESalesRevenueBeginningInventory$ 1,800 $1,5409901,360Purchases250 $ 1,6001201,2801707401,020TotalAvailable1,270EndingInventory$520240290Cost ofGoods Sold690GrossProfit310650Expenses$300280180120PretaxIncome(Loss)160270(20) E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average CostLO7-2Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, theaccounting records provided the following information for product 1:Inventory, December 31, prior yearFor the current year:Purchase, March 21Purchase, August 1Inventory, December 31, current yearEnding inventoryCost of goods soldFIFOUnits1,950LIFO5, 1302,8104,040Required:Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.(Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)Unit Cost$ 7910Average Cost

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E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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