Question

Page < 1 > of 5 - ZOOM + Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 ini i For case 1, determine goods available for sale For case 1, determine ending inventory For case 2, determine goods available for sale For case 2, determine Purchases For case 3, determine cost of goods sold _ For case 4, determine beginning inventory vi Use the following to answer questions 7-17 During September, KM Company sells 9,800 watches for $300.00 each. The company has the following inventory purchase transactions for September: Date 1-Sep 4-Sep 24-Sep Transaction Beginning Inventory Purchase Purchase # of Units 300 6,000 3,700 10,000 Unit cost $195.00 $198.00 $200.00 Total Cost $58,500 1,188,000 740,000 $1,986,500 7. $ _What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation.

Answer 1

Dear Student,

As per the HOMEWORKLIB POLICY, only the first question should be answered. Kindly take note of it. Each new question should be posted separately.

Part 1

Cost of goods available for sale = beginning inventory + purchases = 85200+695000 = $780200

Part 2

Cost of goods sold = beginning inventory + purchases – ending inventory

Ending inventory = beginning inventory + purchases-cost of goods sold = 85200+695000-724000 = $56200

Part 3

Cost of goods available for sale = cost of goods sold + ending inventory = 654700+22000 = 676700

Part 4

Cost of goods sold = beginning inventory + purchases – ending inventory

Purchases = cost of goods sold – beginning inventory + ending inventory = 654700-85400+22000 = $591300

Part 5

Cost of goods sold = beginning inventory + purchases – ending inventory = 40000+447500-31200 = $456300

Part 6

Cost of goods sold = beginning inventory + purchases – ending inventory

Beginning inventory = cost of goods sold + ending inventory-purchases = 900000+41500-856200 = $85300