Pad 6:31 PM 40%. Chapter 2 GRADED Homework instructions Thelp Question 3 (of 6)

Question

Pad 6:31 PM 40%. Chapter 2 GRADED Homework instructions Thelp Question 3 (of 6) Save & Exit Submit 3.00 points M2-19 Calculating Missing Amounts and Cost of Goods Sold [LO 2-6] For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive values.) Cost of Goods Ending Finished Cost of Case Finished Goods Goods Inventory Goods Sold 180 1.425 700 3,200 S 560 $ 4,680 4.475 9,550 4,070 940 0,900 2,340 References eBook &Resources Worksheet Difficulty: 1 Easy M2-19 Calculating Missing Amounts and Learning Objective: 02-06 Calculate the cost of goods

Explanation / Answer

Cost of goods sold

= Beginning finished goods + Cost of goods manufactured – Ending finished goods

Applying the above formula to calculate the missing figures,

Case A

Cost of goods sold = $560 + $3,200 - $180

= $3,580

Case B

$4,680 = Beginning finished goods + $4,070 - $1,425

So, Beginning finished goods = $4,680 - $2,645

= $2,035

Case C

$4,475 = $940 + Cost of goods manufactured - $700

So, Cost of goods manufactured = $4,475 - $240

= $4,235

Case D

$9,550 = $2,340 + $10,900 - Ending finished goods

So, Ending finished goods = $2,340 + $10,900 - $9,550

= $3,690

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