Answered: Compute the missing amounts. Input your…

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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Applying the Cost of Goods Sold Model

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

	2019		2020
Net sales		$388,600			$427,460
Cost of goods sold:
Beginning inventory	$36,800			(d)
Purchases	(a)			296,700
Goods available for sale	(b)			(e)
Ending inventory	42,740			(f)
Cost of goods sold		(c)			296,070
Gross margin		$123,040			(g)

Instructions:

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

	2019		2020
Net sales		$388,600			$427,460
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	42,740			fill in the blank 5
Cost of goods sold		fill in the blank 6			296,070
Gross margin		$123,040			$fill in the blank 7

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