Question

Presented below are the components in determining cost of goods sold. Determine the missing amounts.

beginning inventory purchase cost of goods available for sale
$78,000 $98,000 $Enter the amount. (a)
$48,000 $ Enter the amount. (c) $113,000
$ Enter the amount. (e) $108,000 $158,000
Ending inventory cost of goods sold
$ Enter the amount. (b) $118,000
$33,000 $ enter the amount. (d)
$27,000 $ enter the amount. (f)

Answer 1

To determine the missing amounts, let's calculate them based on the given information:

(a) The cost of goods available for sale is the sum of the beginning inventory and purchase cost:
Cost of goods available for sale = Beginning inventory + Purchase cost = $78,000 + $98,000 = $176,000.

(b) The ending inventory can be found by subtracting the cost of goods sold from the cost of goods available for sale:
Ending inventory = Cost of goods available for sale - Cost of goods sold = $176,000 - $118,000 = $58,000.

(c) The missing amount is the cost of goods sold, which can be calculated by subtracting the ending inventory from the cost of goods available for sale:
Cost of goods sold = Cost of goods available for sale - Ending inventory = $176,000 - $58,000 = $118,000.

(d) The missing amount is the purchase cost, which can be calculated by subtracting the beginning inventory from the cost of goods available for sale:
Purchase cost = Cost of goods available for sale - Beginning inventory = $176,000 - $78,000 = $98,000.

(e) The missing amount is the beginning inventory, which is already given as $78,000.

(f) The missing amount is the ending inventory, which is already calculated as $58,000.

Therefore, the missing amounts are:
(a) $176,000
(b) $58,000
(c) $118,000
(d) $98,000
(e) $78,000
(f) $58,000