Inferring Missing Amounts Based on Income Statement Relationships: E7-2 Fundamentals of Financial Accounting 4th Edition Phillips, Libby, Libby pg. 334

Supply the missing dollar amounts for the income statement of Lewis Retailers for each of the following independent cases:

Case A. Sales Revenue - $700 Beginning Inventory - $100 Purchases- $800 - Costs of Goods Available for Sale - ? Cost of Goods Sold - $300 Cost of Ending Inventory $? Gross Profit $?

Case B Sales Revenue - $900 - Beginning Inventory - $200 Purchases - $800 Costs of Goods Available for Sale ? Costs of Goods Sold ? Cost of Ending Inventory - 150 Gross Profit - ?

Case C Sales Revenue - ? Beginning Inventory - $100 Purchases- ? Costs of Goods Available for Sale - ? Costs of Goods Sold - $200 Costs of Ending Inventory - $300 Gross Profit - $400

Case D Sales Revenue - $800 Beginning Inventory ? Purchases $00 Costs of Goods Available for Sale - ? Cost of Goods Sold $650 Cost of Ending Inventory- $250 Gross Profit - ?

Case E Sales Revenue - $1,000 Beginning Inventory - $50 Purchases - $900 Costs of Goods Available for Sale - ? Cost of Goods Sold - ? Cost of Ending Inventory -? Gross Profit - $500