Question

E6A- 29 Computing periodic inventory amounts Consider the data of the following companies:


Requirements
1. Supply the missing amounts in the preceding table.
2. Prepare the income statement for the year ended December 31, 2015, for Red Company, which uses the periodic inventory system. Include a complete heading and show the full computation of cost of goods sold. Red’s operating expenses for the year were $11,000.


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  • CreatedJanuary 16, 2015
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