6. Wildflower, Inc. provided the following for 2019: AED Cost of Goods Sold (Cost of sales)...

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6. Wildflower, Inc. provided the following for 2019: AED Cost of Goods Sold (Cost of sales) Beginning Merchandise Inventory E

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Answer 1

Answer #1

6.

Cost of goods sold = AED 1,000,000

Beginning Merchandise inventory = AED 325,000

Ending merchandise inventory = AED 630,000

Average merchandise inventory = (Beginning Merchandise inventory + Ending merchandise inventory)/2

= (325,000 + 630,000)/2

= 955,000/2

= AED 477,500

Note : Cost of goods sold is not relevant while calculating Average merchandise inventory hence, it is ignored.

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Answer 2

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