Presented below are the components in determining cost of goods sold. Determine the missing amounts.BeginningCost of GoodsInventoryPurchasesAvailable for Sale$90,000$120,000$4$59,00024$123,000$4$110,000$169,000 EndingInventoryCost ofgoods sold(a)(b)$129,000$42,000(d)$36,000(f)%24%24

Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Presented below are the components in determining cost of goods sold. Determine the missing amounts. Cost of Goods Beginning Inventory Purchases Available for Sale $90,000 $120,000 $59,000 24 $123,000 2$ $110,000 $169,000

Presented below are the components in determining cost of goods sold. Determine the missing amounts. Cost of Goods Beginning Inventory Purchases Available for Sale $90,000 $120,000 $59,000 24 $123,000 2$ $110,000 $169,000

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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Question

100%

Presented below are the components in determining cost of goods sold. Determine the missing amounts.
Beginning
Cost of Goods
Inventory
Purchases
Available for Sale
$90,000
$120,000
$4
$59,000
24
$123,000
$4
$110,000
$169,000

Ending
Inventory
Cost of
goods sold
(a)
(b)
$129,000
$42,000
(d)
$36,000
(f)
%24
%24

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Presented below are the components in determining cost of goods sold.Determine the missing amounts. BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofGoods Sold (a) $78,100 $101,600 ? ? $121,000 (b) $54,700 ? $120,000 $33,800 ? (c) ? $110,000 $151,000 $28,800 ?
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Supply the missing dollar amounts for each of the following independent cases:
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
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