please helpBrief Exercise 5-1 Presented below are the components in determining cost of goods sold....

Brief Exercise 5-1 Presented below are the components in determining cost of goods sold. Determine the missing amounts.

Brief Exercise 5-1 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Purchases $84,700 $102,700 $116,000 $54,400 $113,000 $33,200 (c) s $112,000 $153,000 $29,200$ Quest

Solutions

Expert Solution

	Beginning Inventory	Purchases	Cost of goods available for sale	Ending Inventory	Cost of goods sold
(a)	84,700	102,700	187,400	71,400	116,000
(b)	54,400	58,600	113,000	33,200	79,800
(c)	41,000	112,000	153,000	29,200	123,800

(a)Cost of goods available for sale = $84,700 + 102,700 = 187,400

(a)Ending Inventory = $187,400 – 116,000 = 71,400

(b)Purchases = $113,000 – 54,400 = 58,600

(b)Cost of goods sold = $113,000 – 33,200 = 79,800

(c)Beginning Inventory = $153,000 – 112,000 = 41,000

(c)Cost of goods sold = $153,000 – 29,200 = 123,800

ekkarill92 answered 1 year ago

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