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Answer:
Question is not properly written. Proper question is :
Presented below are the components in determining cost of goods sold. Determine the missing amounts. (CGS- Cost of ggods sold)
a. Beg.inv. Purch. Goods avail. for sale End. inv. CGS
80000 100000 ? ? 120000
b. 50,000 ? 115000 35000 ?
c. ? 110000 160000 29000 ?
Solution :
a. i)Goods available for sale = ?
ii) Ending inventory = ?
i) Goods available for sale = Beginning inventory + Purchases
i)Goods available for sale = $ 80000+100000 = $ 180,000
Ending inventory = Beginning inventory + Purchases - CGS
ii)Ending inventory = $ 80000 + $100000 - $ 120,000 = $ 60,000
b. i) Purchases = ?
ii) CGS = ?
Purchases = Goods available for sale - Beginning inventory
i) Purchases = $ 115000 - $ 50000 = $ 65000
CGS = Beginning inventory + Purchases - Ending inventory
ii) CGS = $ 50000 + $ 65000 - $ 35000 = $ 80,000
c. i) Beginning inventory = ?
ii) CGS = ?
Beginning inventory = Goods available for sale - Purchases
i) Beginning inventory = $ 160000 - $ 110000 = $ 50000
CGS = Beginning inventory + Purchases - Ending inventory
ii) CGS = $ 50000 + $ 110000 - $ 29000 = $ 131,000
a. Cost of goods available for sale is $180,000
Ending inventory is $60,000
b. Purchases is $65,000
Cost of goods sold is $80,000
c. Beginning inventory is $50,000
Cost of goods sold is $131,000
a. Cost of goods available for sale is the sum of beginning inventory and purchases
Beginning inventory = $80,000
Purchases = $100,000
$80,000 + $100,000 = $180,000
Ending inventory is the goods that remains in inventory of a firm at the end of the fiscal period. It is the costs of goods available for sale less cost of goods sold.
Cost of goods available for sale = $180,000
Cost of goods sold = $120,000
$180,000 - $120,000 = $60,000
b, Purchases is the cost of goods available for sale less beginning inventory
cost of goods available for sale = $115,000
beginning inventory = $50,000
$115,000 - $50,000 = $65,000
Cost of goods sold is the cost of goods available for sale less ending inventory
cost of goods available for sale = $115,000
ending inventory = $35,000
$115,000 - $35,000 = $80,000
c. Beginning inventory is cost of goods available for sale less purchases
cost of goods available = $160,000
purchases = $110,000
$160,000 - $110,000 = $50,000
Cost of goods sold is cost of goods available for sale less ending inventory
Cost of goods available for sale = $160,000
Ending inventory = $29,000
$160,000 - $29,000 = $131,000
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