Assume that Derek's Company has a periodic inventory system. Use the ff info from his company to compute for BEG. INVENTORY FOR YEAR 2019, GROSS PURCHASES IN 2020, AND COGS IN 2021. 201920202021Beginning inventoryCost of goods sold32,60432,292Ending inventory11,232Cost of goods available for salePurchases (gross)45,55241,60032,76030,420Purchase discounts936780624Purchase returns1,2481,560728Freight-in6761,664832

Beginning inventory is the amount of inventory available with a business at the beginning of the…

2019 2020 2021 Beginning inventory Cost of goods sold Ending inventory Cost of goods available for sale Purchases (gross) ? ? ? 32,604 32,292 ? ? ? 11,232 45,552 41,600 32,760 ? 30,420 Purchase discounts 936 780 624 Purchase returns 1,248 1,560 728 Freight-in 676 1,664 832

2019 2020 2021 Beginning inventory Cost of goods sold Ending inventory Cost of goods available for sale Purchases (gross) ? ? ? 32,604 32,292 ? ? ? 11,232 45,552 41,600 32,760 ? 30,420 Purchase discounts 936 780 624 Purchase returns 1,248 1,560 728 Freight-in 676 1,664 832

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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