19) The following information was provided by Jimbob Co. for the year ended. COG manufactured 500,000...
19) The following information was provided by Jimbob Co. for the year ended.
COG manufactured 500,000
Ending finished goods inventory 100,000
Sales 800,000
Gross margin 200,000
What was the beginning finished goods inventory?
- 300,000
- 200,000
- 100,000
Homework Answers
Gross Margin = Sales - Cost of Goods Sold
200,000 = 800,000 - Cost of Goods Sold
Cost of Goods Sold = 800,000-200,000 = 600,000
Ending finished goods inventory = Beginning finished goods inventory + Cost of Goods manufactured - Cost of Goods Sold
100,000 = Beginning finished goods inventory + 500,000 - 600,000
Beginning finished goods inventory = 100,000 - 500,000 + 600,000
= 200,000
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19) The following information was provided by Jimbob Co. for the
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