E$7-3($Algo$)$ Inferring Missing Amounts Based on Income Statement Relationships LO$7-1$

Enter the missing dollar amounts for the income statement for each of the following Independent cases:

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline Cases & Sales Revenue & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Beginning Inventory$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Purchases$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Total Available$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Ending Inventory$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Cost of Goods Sold$\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$Gross Profit$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Expenses$\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$Pretax Income $($Loss$)\}\backslash \backslash$

$\backslash$hline A & $\backslash$$ $790$ & $\backslash$$ & $250$ & S & $850$ & $\backslash$$ & $1,100$ & s & $520$ & $\backslash$$ & $580$ & $\backslash$$ & $210$ & $\backslash$$ & $140$ & S & $70\backslash \backslash$

$\backslash$hline B & $1,000$ & & $120$ & & $960$ & & $1,080$ & & & & & & & & $120$ & & $100\backslash \backslash$

$\backslash$hline C & & & $120$ & & & & & & $220$ & & $340$ & & $290$ & & $100$ & & $\backslash \backslash$

$\backslash$hline D & $830$ & & & & $580$ & & & & $210$ & & & & & & $200$ & & $110\backslash \backslash$

$\backslash$hline E & $1,060$ & & & & $980$ & & $1,180$ & & & & & & $490$ & & & & $(20)\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ L$07-2$

Hamilton Company uses a perlodic Inventory system. At the end of the annual accounting period, December $31$ of the current year, the accounting records provided the following information for product $1$ :

Required:

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost Inventory costing methods.

Note: Round "Average cost per unit" to $4$ decimal places and final answers to nearest whole dollar amount. FederalWay, Incorporated, Is a major department store chaln. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prlor annual report, FederalWay reported cost of goods sold of $\backslash (\backslash$$ $11,580\backslash )$ million, ending inventory for the current year of $\backslash (\backslash$$ $3,261\backslash )$ million, and ending inventory for the previous year of $\backslash (\backslash$$ $3,645\backslash )$ million.

Required:

Develop a reasonable estimate of the merchandise purchases for the year.

Note: Enter your answers in millions. Enter the missing dollar amounts for the Income statement for each of the following Independent cases. $($Hint: In Case B$,$ work from the bottom up$.)$ Hamilton Company uses a perlodic Inventory system. At the end of the annual accounting period, December $31$ of the current year, the accounting records provided the following information for product $1$:

Required:

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost Inventory costing methods.