The following are the components in determining cost of goods sold.Determine the missing amounts.(a)(b)BeginningInventory$78,100$54,70069$Purchases$101,600(c)$Cost of GoodsAvailable for Sale$120,000$110,000$151,000$EndingInventoryCost ofGoods Sold$33,800 $$28,800 $$121,000

Cost of goods sold (COGS) - Depicts the cost of the goods that are sold by the company. Such cost…

The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) Beginning Inventory $78,100 $54,700 $ Purchases $101,600 (c) $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory Cost of Goods Sold $33,800 $ $28,800 $ $121,000

The following are the components in determining cost of goods sold. Determine the missing amounts. (a) (b) Beginning Inventory $78,100 $54,700 $ Purchases $101,600 (c) $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory Cost of Goods Sold $33,800 $ $28,800 $ $121,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following are the components in determining cost of goods sold.
Determine the missing amounts.
(a)
(b)
Beginning
Inventory
$78,100
$54,700
69
$
Purchases
$101,600
(c)
$
Cost of Goods
Available for Sale
$120,000
$110,000
$151,000
$
Ending
Inventory
Cost of
Goods Sold
$33,800 $
$28,800 $
$121,000

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Step 1: Introducing Cost of Goods Sold

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Step 2: Calculate the Missing Elements for Case A

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Step 3: Calculate the Missing Elements for Case B

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Step 4: Calculate the Missing Elements for Case C

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