Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning...
Presented below are the components in determining cost of goods
sold. Determine the missing amounts.
| Beginning Inventory |
Purchases | Cost of
Goods Available for Sale |
Ending Inventory |
Cost of goods sold |
|||||||||
| $84,000 | $114,000 | $
|
(a) | $
|
(b) | $120,000 | |||||||
| $53,000 | $
|
(c) | $118,000 | $33,000 | $
|
(d) | |||||||
| $
|
(e) | $104,000 | $161,000 | $27,000 | $
|
(f) |
Homework Answers
| Beginning Inventory | Purchases | Cost of Goods Avilable for Sale | Ending Inventory | Cost of Goods Sold |
| $ 84,000 | $ 114,000 | $ 198,000 (a) | $ 78,000 (b) | $ 120,000 |
| $ 53,000 | $ 65,000 (c) | $ 118,000 | $ 33,000 | $ 85,000 (d) |
| $ 57,000 (e) | $ 104,000 | $161,000 | $ 27,000 | $ 134,000 (f) |
Explanation :
A) Cost of Goods avilable for Sale = Beginning Inventory + Purchase
= $ 84,000 + $ 114,000 = $ 198,000
B) Ending Inventory = Cost of Goods avilable for Sale - Cost of goods sold
= $ 198,000 - $ 120,000 = $ 78,000
C) Purchases = Cost of goods avilable for Sale - Beginning Inventory
= $118,000 - $ 53,000 = $ 65,000
D) Cost of Goods Sold = Cost of Goods avilable for Sale - Ending Inventory
= $ 118, 000 - $ 33,000 = $ 85,000
E) Beginning Inventory = Cost of Goods avilable for Sale -Purchases
= $ 161,000 - $ 104,000 = $ 57,000
F) Cost of Goods Sold = Cost of Goods avilable for Sale - Ending Inventory
=$ 161,000 - $ 27,000 = $ 134,000
SOLUTION :
Missing entries are filled and shown in bold fonts.
(Values in dollars)
Beginning Purchases COGS Ending COGS
Inventory available Inventory
for sale
(1) (2) (3) (4) (5)
84,000 114,000 198,000 78,000 120,000
(1)+(2) (3) - (5)
53,000 65,000 118,000 33,000 85,000
(3) - (1) (3) - (4)
57,000 104,000 161,000 27,000 134,000
(3) - (2) (3) - (4)
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