ExercisesL06-4 2924 5019 v2 gain This exercise stresses the relationships between the information recorded in a periodic inventory1EXERCISE 6.8Relationships within PeriodicInventory Systemssystem and the basic elements of an income statement. Each of the five lines represents a separateset of information. You are to fill in the missing amounts. A net loss in the right-hand column is tobe indicated by placing brackets around the amount, for example as in line e <15,000>.10val2Net SalesSAT u Isroish engewolley 10as lodesbra naje od prols burdaud 15d basdem oft moleivolal no obrint woIdeas no sonsled osnoval00442 5w 25anL06-5, L06-8EXERCISE 6.9Selecting an InventorySysteminstave promovni ofborne. H?niend nogalAbeBSTRUO. nisiquEndingInventoryPhimb znotranca.Beginning Net Pur-Inventory chasesUONDOS2.210 95,200264,000 to ??35.200104,00076,000a. 240,000ai loreng salamatainwalidw v10105i taida!od 520)?wif72,000 272,000b. 480,00001040 Coloravitat441,000 189,000c. 630,000 207,000 nube?.0 166,500234,000?135,000 lum450,000?d. 810,000396,000 135,000 ure ?156,000?and 153,000hCost ofGoodsSoldGrossProfit279NetIncomeor (Loss)Expenses72,000viol?eval bib 20,000gre storeres of Cry?148,500under270,000??<15,000>01 (1Year after year two huge supermarket chains-Publix Super Markets, Inc., and Safeway, Inc.-consistently report gross profit rates between 26 percent and 29 percent. Each uses a sophisticatedTo perpetual inventory system to account for bill of dollars in inventory transactions.Discuss rea23X9norporation

Sale means the amount of revenue earned by selling goods and the cost of goods sold means the cost…

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 separate set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, for example as in line e <15,000>. Net Sales a. 240,000 b. 480,000 c. 630,000 d. 810,000 e. ? Beginning Net Pur- Inventory chases 76,000 104,000 ztw Soa 72,000 272,000 1000 207,000 ? 450,000 ? ? 156,000 Ho Ending Inventory 35,200 Foreni ? Cost of Goods Sold Gross Profit 95,200 ? onlow hundvis ? ONCE A 264,000 441,000 189,000 Expenses 72,000 10? 148,500 234,000 270,000 ? 166,500 135,000 153,000 396,000 135,000 Net Income or (Loss) 23X 20,000 ? <15,000> market chains-Publix Super Markets, Inc., and Safeway, Inc.- Each uses a sophisticated

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 separate set of information. You are to fill in the missing amounts. A net loss in the right-hand column is to be indicated by placing brackets around the amount, for example as in line e <15,000>. Net Sales a. 240,000 b. 480,000 c. 630,000 d. 810,000 e. ? Beginning Net Pur- Inventory chases 76,000 104,000 ztw Soa 72,000 272,000 1000 207,000 ? 450,000 ? ? 156,000 Ho Ending Inventory 35,200 Foreni ? Cost of Goods Sold Gross Profit 95,200 ? onlow hundvis ? ONCE A 264,000 441,000 189,000 Expenses 72,000 10? 148,500 234,000 270,000 ? 166,500 135,000 153,000 396,000 135,000 Net Income or (Loss) 23X 20,000 ? <15,000> market chains-Publix Super Markets, Inc., and Safeway, Inc.- Each uses a sophisticated

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.19E: Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was...

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REQUIRED: • Income Statement using function of expense method (multi-step approach) • Answer the 10 items below. Note: • should have heading and title • currency sign and double spacing • identify respective amounts of the given data
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
Defining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to…
1. The journal entry to write inventory up to the net realizable value would be _______. a) a debit to COGS b) a credit to Losses c) a credit to Inventory d) a debit to Inventory
Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next Questiones
The income statement line gross profit will appear on which income statement format? Select one: a. Receipt and payment account b. Multiple step income statement c. Single step income statement d. Income and expenditure account
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Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement Select one: True False
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