Question
In: Accounting
According to the Ending Inventory Report, how would you calculate the cost of Sales?
According to the Ending Inventory Report, how would you calculate the cost of Sales?
Ending Inventory Report
| Administrative Salaries | $100,000 |
|---|---|
| Amortization Expense | $20,000 |
| Beginning Inventory | $75,000 |
| Ending Inventory | $60,000 |
| Office Supplies Expense | $25,000 |
| Purchases | $125,000 |
| Travel & Entertainment Expense | $5,000 |
A.) $75,000 + 125,000 - $60,000
B.) $125,000 - $20,000
C.) $75,000 + 125,000 - $60,000 + $20,000
D.) $75,000 - $60,000
E.) $75,000 + 125,000 - $60,000 - $20,000
Solutions
Expert Solution
Cost of sales
| Beginning inventory | 75000 |
| Purchase | 125000 |
| Cost of goods available for sale | 200000 |
| Less: Ending inventory | -60000 |
| Cost of sales | 140000 |
So answer is a) $75,000 + 125,000 - $60,000
a) $75,000 + 125,000 - $60,000
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and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
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cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
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