Fill in the missing amounts. The partial income statements of five different companies are as follows:12345Net SalesAD250,000.00 290,000.0 400,000.00Merchandise Inventory, Beg.B50,000.0070,000.00120,000.00160,000.0 390,000.00Net Purchases80,000.00EGGoods Available for Sale110,000.00 160,000.0KMMerchandise Inventory, EndF70,000.0030,000.00230,000.0040,000.00NCost of Goods Sold140,000.0L380,000.00Gross Profit50,000.0040,000.00160,000.0

Gross profit = sales - COGS Goods available for sale = Beginning inventory + Purchase COGS = goods…

The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D 250,000.00 290,000.0 400,000.00 50,000.00 Merchandise Inventory, Beg. Net Purchases B 80,000.00 70,000.00 120,000.00 160,000.0 390,000.00 E Goods Available for Sale 110,000.00 160,000.0 K M Merchandise Inventory, End Cost of Goods Sold 40,000.00 30,000.00 70,000.00 F N 140,000.0 230,000.00 L 380,000.00 Gross Profit 50,000.00 40,000.00 160,000.0

The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D 250,000.00 290,000.0 400,000.00 50,000.00 Merchandise Inventory, Beg. Net Purchases B 80,000.00 70,000.00 120,000.00 160,000.0 390,000.00 E Goods Available for Sale 110,000.00 160,000.0 K M Merchandise Inventory, End Cost of Goods Sold 40,000.00 30,000.00 70,000.00 F N 140,000.0 230,000.00 L 380,000.00 Gross Profit 50,000.00 40,000.00 160,000.0

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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