Acc101 Financial Accounting:  E6-8 Relationships with Periodic Inventory Systems

Acc101 Financial Accounting: E6-8 Relationships with Periodic Inventory Systems

Acc101 Financial Accounting

E6-8 Relationships with Periodic Inventory Systems
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a sep set of information. You are to fill in the missing amounts. A net loss in the right-hand column be indicated by placing brackets around the amount, as for example in line e <15,000.

Net Sales Beg inventory Net Purchase End Inventory Cost of Goods Sold Gross Profit Expenses
Net Income
a 240,000 76,000 104,000 35,200 95,200 72,000
b 480,000 72,000 272,000 264,000 20,000
c 630,000 207,000 166,500 441,000 189,000 148,500
d 810,000 450,000 135,000 234,000 270,000
e 156,000 153,000 396,000 135,000 -15,000
Acc101 Financial Accounting: E6-8 Relationships with Periodic Inventory Systems
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