Question

Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. a b c d e Sales $62,000 $43,500 $ 46,000 $ ? $25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7,500 8,000 4,560 Total cost of merchandise purchases 38,000 ? ? 32,000 6,600 Merchandise inventory (ending) 11950 ? (3,000) (9,000) (6,600) ? Cost of goods sold 34,050 16,000 ? ? 7,000 Gross profit ?27950 ? 3,750 45,600 ? Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) $ 17950? $16,850 $ (8,400) $42,000 $ ?

Answer 1

Answer:

1. d's Sales is $79,000

2. b's Total cost of merchandise purchases is $1,950

3. c's Total cost of merchandise purchases is $43,750

4. c's Cost of goods sold is $42,250

5. d's Cost of goods sold is $33,400

6. b's Gross profit is $27,500

Explanation:

Note: Kindly see the attached excel file which contains the calculations

In order to do the calculations, the following formulas are employed:

Gross profit = Sales - Cost of goods sold

Cost goods sold = Beginning merchandise inventory + Total cost of merchandise purchases - Ending merchandise inventory

Sales =  Cost of goods sold + Gross profit  

Total cost of merchandise purchases = Cost goods sold - Beginning merchandise inventory + Ending merchandise inventory

Answer 2

First, d's Sales is $79,000

Second, b's Total cost of merchandise purchases is $1,950

Third, c's Total cost of merchandise purchases is $43,750

Forth, c's Cost of product sold is $42,250

Fifth, d's Cost of product sold is $33,400

Sixth, b's Gross profit is $27,500

How to calculate gross profit?

Then Applying formulas are employed:

Now the Gross profit is =  Sales - Cost of products sold

Then Cost goods sold = Beginning Merchandise inventory + Total cost of merchandise purchases - Ending  Merchandise inventory

The formula is Cost of goods sold + Gross profit  

Then Total cost of merchandise purchases = Cost products sold - Beginning merchandise inventory + Ending merchandise inventory

                                          a               b              c                d             e

                                             $            $                $             $               $    

Sales                              62000  43,500   46000      79000      25,600

Cost of goods sold      

 Merchandise inventory (beginning) 8,000  17,050   7,500     8,000   4,560

Total cost of merchandise purchases  38,000  1,950  43,750  32,000  6,600

Merchandise inventory (ending)   (11,950)  (3,000)  (9,000)  (6,600)  (4,160)

Cost of goods sold   34,050   16,000   42,250   33,400   7,000

Gross profit    27,950   27,500   3,750   45,600   18,600

Expenses    10,000   10,650   12,150  3,600   6,000

Net income (loss)    17,950   16,850   (8,400)  42,000  12,600

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