Presented below are the components in determining cost of goods sold. Determine the missing amounts. ta Beginning Inventory $70,000 $40,000 (e) $ Purchases $90,000 $100,000 (c) $ Cost of Goods Available for Sale $105,000 $150,000 (a)

Presented below are the components in determining cost of goods sold. Determine the missing amounts. ta Beginning Inventory $70,000 $40,000 (e) $ Purchases $90,000 $100,000 (c) $ Cost of Goods Available for Sale $105,000 $150,000 (a)

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

GA
$
Ending
Inventory
$25,000
$19,000
(b)
$
Cost of
goods sold
$110,000
(d)
(f)

Presented below are the components in determining cost of goods sold. Determine the missing amounts.
$
Beginning
Inventory
$70,000
$40,000
(e)
$
Purchases
$90,000
$100,000
(c)
$
Cost of Goods
Available for Sale
$105,000
$150,000
(a)

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The following are the components in determining cost of goods sold, Determine the missing amounts. (a) Beginning Inventory Purchases $101,600 $ (b) (c) S $78,100 $54,700 $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory $33,800 $28,800
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) Beginning Inventory $78,100 $54,700 69 $ Purchases $101,600 (c) $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory Cost of Goods Sold $33,800 $ $28,800 $ $121,000
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).
what is the value of a, b, c, and d?