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18 December, 02:35

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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  1. 18 December, 05:56
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    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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