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Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records.   2019   2020 Net sales   $381,220     $423,150 Cost of goods sold:               Beginning inventory $36,800     (d)       Purchases (a)     296,700       Goods available for sale (b)     (e)       Ending inventory 41,870     (f)       Cost of goods sold   (c)     295,20

Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records.   2019   2020 Net sales   $381,220     $423,150 Cost of goods sold:               Beginning inventory $36,800     (d)       Purchases (a)     296,700       Goods available for sale (b)     (e)       Ending inventory 41,870     (f)       Cost of goods sold   (c)     295,20

FINANCIAL ACCOUNTING
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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  1. Applying the Cost of Goods Sold Model

    The following amounts were obtained from Stanwick Company's accounting records.

      2019   2020
    Net sales   $381,220     $423,150
    Cost of goods sold:          
        Beginning inventory $36,800     (d)  
        Purchases (a)     296,700  
        Goods available for sale (b)     (e)  
        Ending inventory 41,870     (f)  
        Cost of goods sold   (c)     295,200
    Gross margin   $112,450     (g)

    Required:

    Compute the missing amounts. Input your answers as positive numbers.

      2019   2020
    Net sales   $381,220     $423,150
    Cost of goods sold:          
    Beginning inventory $36,800     $fill in the blank 1  
    Purchases fill in the blank 2     296,700  
    Goods available for sale fill in the blank 3     fill in the blank 4  
    Ending inventory 41,870     fill in the blank 5  
    Cost of goods sold   fill in the blank 6     295,200
    Gross margin   $112,450     $fill in the blank 7
     
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