Three Items Are Missing in Each of the Following Columns

question 162

Essay

Three items are missing in each of the following columns and are identified by letter. $\begin{array}{lrr}\text { Sales revenue } & \$(a) & \$ 840,000 \\\text { Sales returns and allowances } & 15,000 & 22,000 \\\text { Sales discounts } & 10,000 & 15,000 \\\text { Net sales } & 440,000 & \text { (d) } \\\text { Beginning inventory } & \text { (b) } & 300,000\\\text { Cost of goods purchased } & 220,000 & \text { (e) } \\\text { Ending inventory } & 170,000 & 303,000 \\\text { Cost of goods sold } & 252,000 & 575,000 \\\text { Gross profit } & \text { (c) } & \text { (f) }\end{array}$ Instructions
Calculate the missing amounts and identify them by letter.

Understand the impact of credit card sales and discounts on financial statements.

Recognize effective internal controls for cash management.

Understand the classification and reporting of cash equivalents on the balance sheet.

Understand different environmental worldviews including anthropocentric, deep ecology, and planetary management.

---

Definitions:

Absorption Costing

A financial recording technique that encompasses all production expenses, such as raw materials, direct labor, and variable as well as fixed overheads, into the pricing of a product.

Operating Income

Profit generated from core business operations, excluding expenses such as taxes and interest.

Absorption Costing

A bookkeeping approach that incorporates all expenses related to production, including direct materials, direct workforce, and variable along with fixed overhead costs, into the product's cost.

Income Reported

Refers to the total revenue recognized by an entity within a specific reporting period, often found in financial statements.