Determining the Beginning and Ending Inventory from a Partial Spreadsheet:Periodic Inventory SystemFrom the following partial spreadsheet, indicate the dollar amount of beginning andending merchandise inventory to be used to compute cost of goods sold.ADJUSTMENTSADJUSTED TRIAL BALANCEACCOUNT TITLEDEBITCREDITDEBITCREDITMerchandise InventoryEstimated Returns InventorySuppliesPrepaid InsuranceCustomer Refunds PayableIncome Summary60,000.0055,000.0060,000.006,000.005,500.006,000.004,700.003,300.001,600.003,800.002,200.007,200.0055,000.0060,000.0055,000.0060,000.005,500.006,000.005,500.006,000.00SalesSales Returns and Allowances525,140.002,200.0016,700.00Beginning inventory55,000 xEnding inventory60,000 x

Name: Determining the Beginning and Ending Inventory from a Partial Spreads
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Description: Determining the Beginning and Ending Inventory from a Partial Spreadsheet:Periodic Inventory SystemFrom the following partial spreadsheet, indicate the dollar amount of beginning andending merchandise inventory to be used to compute cost of goods so

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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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Determining the Beginning and Ending Inventory from a Partial Spreadsheet:
Periodic Inventory System
From the following partial spreadsheet, indicate the dollar amount of beginning and
ending merchandise inventory to be used to compute cost of goods sold.
ADJUSTMENTS
ADJUSTED TRIAL BALANCE
ACCOUNT TITLE
DEBIT
CREDIT
DEBIT
CREDIT
Merchandise Inventory
Estimated Returns Inventory
Supplies
Prepaid Insurance
Customer Refunds Payable
Income Summary
60,000.00
55,000.00
60,000.00
6,000.00
5,500.00
6,000.00
4,700.00
3,300.00
1,600.00
3,800.00
2,200.00
7,200.00
55,000.00
60,000.00
55,000.00
60,000.00
5,500.00
6,000.00
5,500.00
6,000.00
Sales
Sales Returns and Allowances
525,140.00
2,200.00
16,700.00
Beginning inventory
55,000 x
Ending inventory
60,000 x

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The term inventory refers to both the raw materials in the manufacture and the finished goods that are for sale. Inventory is one of a company's most valuable assets because it is one of the primary sources of revenue generation and subsequent earnings for the equity assets.

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