ACC 205 Week 3 E-16 Consider the following incomplete table of merchandiser's profit data

ACC 205 Week 3 E-16 Consider the following incomplete table of merchandiser's profit data 

E5-16 Computing inventory and cost of goods sold amounts [10–15 min]

E-16 Consider the following incomplete table of merchandiser's profit data:

Sales                  Sales             Net              Cost of             Gross

                        Discounts       Sales           Goods Sold         Profit

$ 89,500             $ 1,560       $ 87,940        $ 60,200               (a)

$103,600                  (b)        $ 99,220              (c)           $ 34,020

$  66,200            $ 2,000              (d)         $ 40,500               (e)
         (f)             $ 2,980               (g)        $ 75,800         $ 36,720

 

Requirement
Calculate the missing table values to complete the table.

SOLUTION PREVIEW

Sales – Sales Discounts = Net Sales = Cost of goods sold + Gross Profit

 

(a) Gross Profit                                    = Net Sales – Cost of goods sold

                                                = $87,940 - $60,200

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