Homework Answers
Answer :
| 2018 | 2019 | |
|---|---|---|
| Cost of goods sold | $143,100 | $160,800 |
Explanation:
Computation of correct COGS in 2018
| Beginning inventory | $20,000 |
| Cost of purchase | 150,000 |
| Cost of goods available for sale | 170,000 |
| Ending inventory ($30,000 - $3,100) | 26,900 |
| Cost of goods sold | $143,100 |
Computation of correct COGS in 2019
| Beginning inventory (Since ending inventory of previous year = Beg inventory of current year) | $26,900 |
| Cost of purchase | 175,000 |
| Cost of goods available for sale | 201,900 |
| Ending inventory ($35,000 + $6,100) | 41,100 |
| Cost of goods sold | $160,800 |
how 201900 came up in 2019 insted of 205000, please explain
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Exercise 6-16
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2022
2021
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Cost of goods purchased
190,730
176,290
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197,640
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37,500
29,180
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1.
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Cost of goods purchased
173,000
202,000
Cost of goods available for sale
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Ending inventory
44,000
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161,000
194,000
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$56,000
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Exercise 6-16
Marigold Corp. reported cost of goods sold as follows.
2022
2021
Beginning inventory
$ 29,180
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Cost of goods purchased
190,730
176,290
Cost of goods available for sale
219,910
197,640
Less: Ending inventory
37,500
29,180
Cost of goods sold
$182,410
$168,460
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1.
2021 ending inventory was overstated by $1,890.
2.
2022 ending inventory was understated by $5,160.
Compute the correct cost of goods sold for each year.
2021
2022
The correct cost...
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Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
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2018
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