8 D mine the missing data for each letter in the three incom

8. D mine the missing data for each letter in the three income statements below for Lopata Office Supplies Company Un thousands) 19x5 s p 38 10 19x4 19x3 Gross Sales Sales Returns and Allowances h6L $572 28 24 Sales Discounts Net Sales B 532 76 q 650 634 erchandise Inventory, Jan. 1 ???33???73 46 16 s 56 58 384 Purchases Purchases Returns and Allowances Purchases Discounts Freight In 26 10 k D 288 424 378 -Net Purchases 364 ods Available for Salet Merchandise Inventory, Dec. 31* Cost of Goods Soldx Gross Margin from Sales Selling Expenses General and Administrative Expenses Total Operating Expenses Net Income 84 m3tG 252 nloo66 78 1366 358 E2312 284 u fg2 156 F I32 78 260 256 2 040254

Solution

Solution:

	19x5	19x4	19x3
Gross Sales	$698.00	$672.00	$572.00
Less: Sales Returns and allowances	$38.00	$24.00	$28.00
Less: Sales discounts	$10.00	$14.00	$12.00
Net Sales	$650.00	$634.00	$532.00
Merchandise Inventory Jan 1 (Ending Inventory of last year will be current year\'s beginning inventory)	$66.00	$84.00	$76.00
Purchases	$384.00	$338.00	$278.00
Less: Purchase returns and Allowances	$46.00	$46.00	$26.00
Less: Purchase Discounts	$16.00	$10.00	$8.00
Add: Freight-in	$56.00	$58.00	$44.00
Net Purchases	$378.00	$340.00	$288.00
Goods Available for sale	$444.00	$424.00	$364.00
Less: Merchandise Inventory Dec 31	$78.00	$66.00	$84.00
Cost Of Goods Sold	$366.00	$358.00	$280.00
Gross margin from sales	$284.00	$276.00	$252.00
Selling Expenses	$182.00	$156.00	$132.00
General and administrative Expenses	$78.00	$100.00	$66.00
Less: Total Operating expense	$260.00	$256.00	$198.00
Net income	$24.00	$20.00	$54.00