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    Missing Amounts

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    Please see attached.
    Petson Company's financial information is presented below.
    Sales $ ???? Purchase Returns and Allowances $ 15,000
    Sales Returns and Allowances 30,000 Ending Merchandise Inventory 35,000
    Net Sales 250,000 Cost of Goods Sold 180,000
    Beginning Merchandise Inventory ???? Gross Profit ????
    Purchases 170,000

    The missing amounts above are:
    Sales Beginning Inventory Gross Profit
    a. $280,000 $45,000 $70,000
    b. $220,000 $45,000 $100,000
    c. $280,000 $60,000 $70,000
    d. $220,000 $60,000 $100,000

    © BrainMass Inc. brainmass.com June 3, 2020, 9:49 pm ad1c9bdddf
    https://brainmass.com/business/accounting/financial-information-finding-missing-amounts-200673

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    Solution Preview

    Net Sales = Sales - Sales Returns and Allowances
    Sales = 250,000+30,000=280,000 ...

    Solution Summary

    The solution explains how to determine the missing amounts.

    $2.19

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