In: Accounting
Presented below are the components in determining cost of goods sold. Determine the missing amounts.
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Answer a | Amount $ |
Beginning inventory | 80,000.00 |
Add: Purchases | 100,000.00 |
Cost of goods available for sale | 180,000.00 |
Answer b | Amount $ |
Cost of goods available for sale | 180,000.00 |
Less: Cost of goods sold | (120,000.00) |
Ending inventory | 60,000.00 |
Answer c | Amount $ |
Cost of goods available for sale | 115,000.00 |
Less: Beginning inventory | (50,000.00) |
Purchases | 65,000.00 |
Answer d | Amount $ |
Cost of goods available for sale | 115,000.00 |
Less: Ending inventory | (35,000.00) |
Cost of goods sold | 80,000.00 |
Answer e | Amount $ |
Cost of goods available for sale | 160,000.00 |
Less: Purchases | (110,000.00) |
Beginning inventory | 50,000.00 |
Answer f | Amount $ |
Cost of goods available for sale | 160,000.00 |
Less: Ending inventory | (29,000.00) |
Cost of goods sold | 131,000.00 |