In each case, use the following information to calculate the missing information:
|
Case 1 |
Case 2 |
Case 3 |
|
|
Gross sales |
$640,000 |
$ ? |
$ ? |
|
Sales discounts |
? |
25,600 |
19,200 |
|
Sales returns and allowances |
19,200 |
44,800 |
32,000 |
|
Net sales |
608,000 |
1,209,600 |
|
|
Merchandise inventory, January 1 |
256,000 |
384,000 |
|
|
Purchases |
384,000 |
768,000 |
|
|
Purchase discounts |
7,680 |
13,440 |
12,800 |
|
Purchase returns and allowances |
24,320 |
31,360 |
32,000 |
|
Net purchases |
352,000 |
672,000 |
|
|
Transportation-in |
25,600 |
38,400 |
32,000 |
|
Net cost of purchases |
377,600 |
761,600 |
? |
|
Cost of goods available for sale |
? |
1,081,600 |
1,088,000 |
|
Merchandise inventory, December 31 |
? |
384,000 |
448,000 |
|
Cost of goods sold |
320,000 |
? |
640,000 |
|
Gross margin |
512,000 |
320,000 |