For each of the following cases determine the ending balance in the inventory account. (Hint: First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation-in cost and $750 of transportation-out cost. Salaries of sales personnel amounted to $38,500. Administrative expenses amounted to $43,100. Cost of goods sold amounted to $97,300. Check my work b. Ken's Bait Shop had a beginning balance in its inventory account of $11,000. During the accounting period, Ken's purchasec $48,900 of inventory, obtained $1,500 of purchases allowances, and received $510 of purchases discounts. Sales discounts amounted to $790. Ken's incurred $1,200 of transportation-in cost and $410 of transportation-out cost. Selling and administrative cost amounted to $13,800. Cost of goods sold amounted to $36,900. Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop

For each of the following cases determine the ending balance in the inventory account. (Hint: First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $47,500. During the accounting period, Jill's purchased $97,500 of inventory, returned $6,500 of inventory, and obtained $900 of purchases discounts. Jill's incurred $1,300 of transportation-in cost and $750 of transportation-out cost. Salaries of sales personnel amounted to $38,500. Administrative expenses amounted to $43,100. Cost of goods sold amounted to $97,300. Check my work b. Ken's Bait Shop had a beginning balance in its inventory account of $11,000. During the accounting period, Ken's purchasec $48,900 of inventory, obtained $1,500 of purchases allowances, and received $510 of purchases discounts. Sales discounts amounted to $790. Ken's incurred $1,200 of transportation-in cost and $410 of transportation-out cost. Selling and administrative cost amounted to $13,800. Cost of goods sold amounted to $36,900. Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop

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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