Homework Answers
| Solution: | |||
| Answer is b. or c. 20,000 | |||
| Notes: | Ending inventory is $20,000 , but there is two option given having same value of $20,000. generally this error of question so you can choose any of two option it would be correct . | ||
| Working Notes: | |||
| Notes: | To get Ending Finished goods inventory which will be reported in balance sheet, by using formula of cost of goods sold as below: | ||
| For trading company | Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory | ||
| But for Manufacturing company | Cost of goods sold = Beginning finished goods Inventory + cost of goods manufactured - Ending finished goods Inventory | ||
| Now | Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory | ||
| Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold | |||
| Ending Inventory = 30,000 + 60,000 - 70,000 | |||
| Ending Inventory =$20,000 | |||
| Please feel free to ask if anything about above solution in comment section of the question. |
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A company has a beginning inventory of $60,000 and purchases during the year of 590.000. The beginning inventory consisted of 1,000 units and 9,000 units were purchased during the year. The company has 5.000 units left at year-end. Under average-cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar) O A. $75,000 O B. $90,000 O C. $135,000 OD. $150,000
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