Question

WileyPLUS eyPLUS Weygandt, Financial & Managerial Accounting, 2e esemed Below Are The Components in De Che Wilay PLUS: My WYPUS I Hele Contas OM Financial & Managerial Accounting (ACCT 2100 & 2110) Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook > Open Assignment NEXT ENT RESOURCES HW for CHE Brief Exercise 5-1 Choice x Your answer is incorrect. Try again. Presented below are the components in determining cost of goods sold. Determine the missing amounts ore sults by Study Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold $78,400 $107,300 $123,000 $47,200 $112,000 $35,300 *** $157,000 $28,700 By accessing this Question Assistance, you will learn while you eam points based on the Point Potential Policy set by your instructor Question Attemptsi 1 of 3 used SAVE FOR SUBMIT ANSWER Earn Maximum Points available only if you answer this question correctly in three attempts or less Version 4.24.15. sment | Privacy Policy | 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley Sons. In

Answer 1

Answer

Cost of Goods available for sale = Opening Inventory + Purchases

Cost of Goods Sold = Cost of Goods available for sale – Closing Inventory

Cost of Goods Sold = Opening Inventory + Purchases – Closing Inventory

a.

Cost of Goods available for sale = $78,400 + 107,300 = $185,700

Closing Inventory = Cost of Goods available for sale – Cost of Goods Sold

= $185,700 – 123,000

Closing Inventory = $62,700

b.

Purchases = Cost of Goods available for sale – Opening Inventory

Purchases = $64,800 ($112,000 – 47,200)

Cost of Goods Sold = Cost of Goods available for sale – Closing Inventory

Cost of Goods Sold = $76,700 ($112,000 – 35,300)

c.

Opening Inventory = Cost of Goods available for sale – Purchases

Opening Inventory = $41,000 ($157,000 – 116,000)

Cost of Goods Sold = Cost of Goods available for sale – Closing Inventory

Cost of Goods Sold = $128,300 ($157,000 – 28,700)

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