Manufactured Goods Inventory a. s 15,000 b. $140,000 $1,000 $55,000 $23,000 Inve

Question

Manufactured Goods Inventory a. s 15,000 b. $140,000 $1,000 $55,000 $23,000 Inventories, Cost of Goods Sold, and Net Income $20,000 $60,000 $29,000 $99,000 E7A. ·The data that follow are for a retail organization and a manufacturing organization. 1. Fill in the missing data for the retail organization: First Quarter $10 Second Quarter $(e) Third Quarter $15 Fourth Quarter S(k) Sales Gross margin Ending merchandise inventory Beginning merchandise inventory Net cost of purchases Operating income Operating expenses Cost of goods sold Cost of goods available for sale 2 4 12 15 12 15 2. Fill in the missing data for the manufacturing organization First Second Third Fourth

Explanation / Answer

Q1 Q2 Q3 Q4 Sales 10 12 15 18 Gross margin 5 4 5 6 Ending Inventory 5 4 5 3 Beginning Inventory 4 5 4 5 Net cost of Purchases 6 7 11 10 Operating iNcome 3 2 4 2 Operating expense 2 2 1 4 Cost of goods sold 5 8 10 12 Cost of available for sale 10 12 15 15 Note: Cost of available for sale = Purchase+Beginning inventory or Cost of goods sold+Ending inventory Note: Gross margin = Sales - COGS or Operating income +Operating expense

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