Ex 3 Presented below are the amounts in Chinco Co. major Income Statement components. Warren uses...

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Ex 3 Presented below are the amounts in Chinco Co. major Income Statement components. Warren uses the perpetual method. Determine the missing amounts. Example 3 Sales Example 1 $85,000 Example 2 $108,000 Cost of Merchandise Sold (CMS) Gross Profit (a) 75,000 $30,000 (c) Operating Expenses Net Income (b) $11,800 (d) $29,500 Ex 4 When using the periodic method, a company does not have a CMS account. The company must therefore calculate the CMS on the Income Statement. Fill in the appropriate amounts and $ signs when needed. Pierre Co. (e) 71,900 $62,600 39,500 (f) Partial Income Statement For the month ending Feb. 28, 20X2 -Sales $12,900 Beginning Inventory $150 Purchases $7,600 Purchase Returns & Allow. $40 Purchase Discounts 20 60 Net Purchases (a) Freight-In Cost of merchandise purchases Cost of Merch. Available for Sale Ending Inventory Cost of Merchandise Sold Gross Profit 130 (b) $6,820 1,310 (c) (d) Testy Co. Partial Income Statement For the month ending Feb. 28, 20X2 $96,200 $4,400 $43,590 $1,500 (e) (f) $40,190 (g) (h) (i) 3,600 43,300 (i) Ex 3 Presented below are the amounts in Chinco Co. major Income Statement components. Warren uses the perpetual method. Determine the missing amounts. Example 3 Sales Example 1 $85,000 Example 2 $108,000 Cost of Merchandise Sold (CMS) Gross Profit (a) 75,000 $30,000 (c) Operating Expenses Net Income (b) $11,800 (d) $29,500 Ex 4 When using the periodic method, a company does not have a CMS account. The company must therefore calculate the CMS on the Income Statement. Fill in the appropriate amounts and $ signs when needed. Pierre Co. (e) 71,900 $62,600 39,500 (f) Partial Income Statement For the month ending Feb. 28, 20X2 -Sales $12,900 Beginning Inventory $150 Purchases $7,600 Purchase Returns & Allow. $40 Purchase Discounts 20 60 Net Purchases (a) Freight-In Cost of merchandise purchases Cost of Merch. Available for Sale Ending Inventory Cost of Merchandise Sold Gross Profit 130 (b) $6,820 1,310 (c) (d) Testy Co. Partial Income Statement For the month ending Feb. 28, 20X2 $96,200 $4,400 $43,590 $1,500 (e) (f) $40,190 (g) (h) (i) 3,600 43,300 (i)

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Filling in the Missing Amounts Example 3 Perpetual Method a Cost of Merchandise Sold CMS We can use the formula Gross Profit Sales CMS From the table ... View the full answer