Get Answer of this Question withing Accounting Method If Cost of goods sold is $145,000 and the beginningand ending Inventory balances are $18,000 and$13,000, respectively, inventory purchases equal:A) $132,000B) $150,000C) $140,000D) $145,000

Step 1: Define InventoryInventory is the physical stock of goods, which is kept in hand for smooth…

Answered: If Cost of goods sold is $145,000 and…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
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If Cost of goods sold is $145,000 and the beginning and ending Inventory balances are $18,000 and $13,000, respectively, inventory purchases equal: A) $132,000 B) $150,000 C) $140,000 D) $145,000