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Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of the following four lists of income statement data. Determine the missing amount. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $481,500 $ $1,087,000 $ Cost of goods sold $ $405,600 $ $416,300 Gross profit $79,800 $285,100 $370,200 $297,300

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Answer:

sales  ( omitted)      $690,700        $ 713600

cost of goods sold ( omitted)  $401,700     $716,800

Explanation:

sales           $481,500        $690,700       $1,087,000           $713,600

COGS         $401,700        $405,600       $716,800              $416,300  

GP               $79,800         $285,100         $370,200            $297,300

SALES = Gross profit + cost of sales

COGS= sales - gross profit

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