# Financial information follows

Financial information follows for four different companies:

 Ace Consulting Inc. Brrrr Freezers Corp. Capital Consumer   Inc. Death Star Ltd. Sales Revenue \$98,000 (c) \$144,000 \$120,000 Sales Returns and Allowances (a) \$  5,000 12,000 9,000 Net Sales Revenue 74,000 101,000 132,000 (g) Beginning Inventory 21,000 (d) 44,000 24,000 Purchases 63,000 105,000 (e) 90,000 Returns and Allowances 6,000 10,000 8,000 (h) Ending Inventory (b) 48,000 30,000 28,000 Cost of Goods Sold 64,000 72,000 (f) 72,000 Gross Profit 10,000 29,000 18,000 (i)

Required

1.      Determine the missing amounts for parts (a) to (i). Show all calculations.

1.sales-sales return and allowances = net sales

2.Beginning inventory+purchase-ending inevntory-returns = cost of goods sold

3. net sales-cost of goods sold = Gross profit

 Ace Consulting Inc. Brrrr Freezers Corp. Capital Consumer   Inc. Death Star Ltd. Sales Revenue \$98,000 \$106,000 (c) \$144,000 \$120,000 Sales Returns and Allowances \$24,000 (a) \$  5,000 12,000 9,000 Net Sales Revenue 74,000 101,000 132,000 \$111,000(g) Beginning Inventory 21,000 \$25,000(d) 44,000 24,000 Purchases 63,000 105,000 \$108,000(e) 90,000 Returns and Allowances 6,000 10,000 8,000 \$14,000 (h) Ending Inventory \$14,000 (b) 48,000 30,000 28,000 Cost of Goods Sold 64,000 72,000 \$114,000(f) 72,000 Gross Profit 10,000 29,000 18,000 (i)39,000

(a) sales- returns = net sales

\$98,000-returns = \$74,000

returns = 24,000

(b) .Beginning inventory+purchase-ending inevntory-returns = cost of goods sold

\$21,000+\$63,000-\$6,000-\$ending inventory = \$64,000

Ending inventory = \$26,000

(c) sales- returns = net sales

sales-\$5000=\$101,000

sales=\$106,000

(d) Beginning inventory+purchase-ending inevntory-returns = cost of goods sold

beginning +\$105,000-\$10,000-\$48,000=\$72,000

beginnging=\$25,000

(f)net sales-cost of goods sold = Gross profit

\$132,000-cogs=\$18,000

COGS= \$114,000

(e)Beginning inventory+purchase-ending inevntory-returns = cost of goods sold

\$44,000+purchase-\$30,000-\$8,000=\$114,000

purchase=\$108,000

(g) sales- returns = net sales

\$120,000-9,000

=111,000

(i) sales-cost of goods sold= GP

=\$111,000-\$72,000

=\$39,000

(h)

Beginning inventory+purchase-ending inevntory-returns = cost of goods sold

\$24,000+90,000-returns-\$28,000=72,000

=\$14,000

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