One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.
Sales $463,400 (b) $1,295,000 (d)
Cost of merchandise sold (a) $410,000 (c) $900,000
Gross profit 83,500 277,500 275,000 600,000
Answer:
a. $379,900 ($463,400 – $83,500)
b. $687,500 ($277,500 + $410,000)
c. $1,020,000 ($1,295,000 – $275,000)
d. $1,500,000 ($900,000 + $600,000)