Sheffield company had the followinginformation taken from

Reference no: EM13614757

a) Rockwell Company reported the following amounts on its2009 income statement: Purchases, $100,000; Beginning 2009inventory, $20,000; and Cost of goods sold, $110,000. Therefore,the 2009 ending inventory was ?

b) Thorton Co. reported the following data atyear-end. Sales, $500,000; beginning inventory, $40,000;ending inventory, $45,000; cost of goods sold, $350,000; and grossmargin, $150,000. What was the amount of merchandise purchased during the year?

c) The following information was taken from the 2007 incomestatement of Cobra Company: Pretax income, $12,000; Total operatingexpenses, $20,000; Sales revenue, $120,000. Compute cost of goodssold. ?

d) The following information was taken from the 2007 incomestatement of Milburn Company: Pretax income, $12,000; Totaloperating expenses (not including income taxes), $20,000; Salesrevenue, $120,000; Beginning inventory, $8,000; and Purchases,$90,000. Compute the amount of the ending inventory. ?

e) Sheffield Company had the followinginformation taken from its 2006 adjusted trial balance: Sales,$400,000; Sales Discounts, $12,000; Beginning Inventory, $20,000;and Purchases, $200,000. A physical count of the merchandise onhand at the end of the year showed $25,000. Compute the grossmargin (gross profit) that would appear in the income statement.

Reference no: EM13614757

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