Given the following information, calculate or solve for the unknown variables marked with question marks “??” and related questions.

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Given the following information, calculate or solve for the unknown variables marked with question marks “??” and related questions.

YEAR #1

Sales………………………$50,000

Cost of Goods Sold…… ??

Gross Profit…………….. ??

Gross Profit Margin….. ??

Beginning Inventory……..15,000

Purchases……………………25,000

Goods Available for Sale…..??

Ending Inventory…………..15,000

Cost of Goods Sold………… ??

Question: What is the beginning inventory for YEAR #2 ?

Solutions

Expert Solution

Goods avaialble for sale = Beginning inventory + Purchases

= 15000 + 25000

= 40000

Cost of goods sold = Goods available for sale - ending inventory

= 40000 - 15000

= 25000

Gross profit = Sales - Cost of goods sold

= 50000 - 25000

= 25000

Gross profit margin = Gross profit / Sales

= 25000 / 50000

= 50%

Beginning inventory for Y2 = Ending inventory of Y1 = 15000

jeff jeffy answered 2 years ago

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