AUTO REVERSING YET BEAU irUL BLUELIGHTSHELD\" TRUEHARMONY SKYPE FOR BUSINESS ps:

ID: 2340798 • Letter: A

Question

AUTO REVERSING YET BEAU irUL BLUELIGHTSHELD" TRUEHARMONY SKYPE FOR BUSINESS ps://edugen.wileyplus.com/edugen/student/mainfr.uni Weygandt, Financial Accounting, 10e actice Gradebook ORION Downloadable eTextbook gnment Brief Exercise 5-1 Presented below are the components in determining cost of goods sold. Determine the missing amounts Cost of Goods Inventory PurchasesAvailable for Sale Inventory Goods Soled Ending Cost of $79,500 5106,900 $116,000 $46,600s 5115,000 $35,500 $111,000 5155,000 530,300 s udy Click if you would like to Show Work for this question: LINK TO TEKT n Cortana. Ask me anything

Explanation / Answer

Beginning Inventory

Purchases

Cost of Goods Available for Sale

Ending Inventory

Cost of Goods Sold

$ 79,500

$ 106,900

$ 186,400

$ 70,400

$ 116,000

$ 46,800

$ 68,200

$ 115,000

$ 35,500

$ 79,500

$ 44,000

$ 111,000

$ 155,000

$ 30,300

$ 124,700

Explanation:

Cost of Goods Available for Sale = Beginning Inventory + Purchases

= $ 79,500 + $ 106,900 = $ 186,400

Ending Inventory = Cost of Goods Available for Sale - Cost of Goods sold

= $ 186,400 - $ 116,000 = $ 70,400

Purchases = Cost of Goods Available for Sale - Beginning Inventory

= $ 115,000 - $ 46,800 = $ 68,200

Cost of Goods Sold = Cost of Goods Available for Sale - Ending Inventory

= $ 115,000 - $ 35,500 = $ 79,500

Beginning Inventory = Cost of Goods Available for Sale – Purchases

= $ 155,000 - $ 111,000 = $ 44,000