Homework Answers
| Beginning Inventory | = | $ 3,20,000 | ||
| Add: | Purchases during the year | = | $ 18,00,000 | |
| Cost of goods available | = | $ 21,20,000 | ||
| Cost of goods available | = | $ 21,20,000 | ||
| Less: | Cost of goods sold | = | $ -15,58,000 | |
| Ending Inventory | = | $ 5,62,000 | ||
| Workings: | ||||
| Cost of goods sold | = | Sales X (1 - profit margin) | ||
| = | $3895000 X(1 - 0.60) | |||
| = | $3895000 X 0.40 | |||
| = | $ 15,58,000 | |||
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