Question

For each case below, find the missing amount.

	Case I Case II Case III Beginning inventory of finished goods $15,000 $8,000 Cost of goods manufactured during period 420,000 92,000 Ending inventory of finished goods 95,000 7,000 26,000 Cost of goods sold $411,000 $308,000

Answer 1

The formula for solving all 3cases

Cost of goods sold = Beginning inventory of finished good + Cost of goods Manufactured during period - Ending Inventory of Finished Goods

Particulars	Case -1	Case-2	Case-3
Beginning inventory of finished Goods	$86,000	$15,000	$8,000
Cost of goods Manufactured during period	$4,20,000	$92,000	$3,26,000
Ending inventory of finished goods	$95,000	$7,000	$26,000
Cost of Goods Sold	$4,11,000	$1,00,000	$3,08,000

Case-1

Beginning inventory of finished goods = Cost of goods sold-cost of goods manufactured during period+Ending inventory of finished goods

=$4,11,000-$4,20,000+$95,000

= $ 86,000

Case-2

Cost of goods sold = Beginning inventory of finished good + Cost of goods Manufactured during period - Ending   Inventory of Finished Goods

=$15,000+$92,000-$7,000

=$1,00,000

Case-3

Cost of goods manufactured during period = Cost of goods sold-Beginning inventory of finished goods + Ending inventory of finished goods

=$3,08,000-$8,000+$26,000

= $3,26,000