Missing Amounts
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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
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Solution Summary
The solution explains how to determine the missing amounts.
Solution Preview
Net Sales = Sales - Sales Returns and Allowances
Sales = 250,000+30,000=280,000 ...
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