**Inventory Ending Balance Calculation**For each of the following cases, determine the ending balance in the inventory account. **Hint:** First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.**Required:****a. Jill’s Dress Shop:**- **Beginning Inventory:** $43,000- **Purchases:** $84,000- **Inventory Returned:** -$5,600- **Purchase Discounts:** $810- **Transportation-In Cost:** $1,120- **Transportation-Out Cost:** $660- **Salaries of Sales Personnel:** $34,000- **Administrative Expenses:** $38,600- **Cost of Goods Sold:** $88,300**b. Ken’s Bait Shop:**- **Beginning Inventory:** $9,200- **Purchases:** $41,700- **Purchases Allowances:** $1,320- **Purchases Discounts:** $420- **Sales Discounts:** $700- **Transportation-In Cost:** $1,020- **Transportation-Out Cost:** $320- **Selling and Administrative Cost:** $12,900- **Cost of Goods Sold:** $35,100**Table: Inventory Cost Summary**| | Jill’s Dress Shop | Ken’s Bait Shop ||--------------------------|-------------------|-----------------|| Cost of goods available for sale | | || Ending Inventory | | |Note: Calculate the "Cost of goods available for sale" by adjusting the beginning inventory with purchases, returns, and expenses as applicable. Subtract "Cost of Goods Sold" to find the "Ending Inventory".

Name: **Inventory Ending Balance Calculation**For each of the following cas
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Description: **Inventory Ending Balance Calculation**For each of the following cases, determine the ending balance in the inventory account. **Hint:** First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold

Cost of goods available for sale is calculated by adding beginning finished goods inventory into the…

Business

Accounting

For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required a. Jill's Dress Shop had a beginning balance in its inventory account of $43,000. During the accounting period, Jill's purchased $84,000 of inventory, returned $5,600 of inventory, and obtained $810 of purchases discounts. Jill's incurred $1,120 of transportation-in cost and $660 of transportation-out cost. Salaries of sales personnel amounted to $34,000. Administrative expenses amounted to $38,600. Cost of goods sold amounted to $88,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $9,200. During the accounting period, Ken's purchased $41,700 of inventory, obtained $1,320 of purchases allowances, and received $420 of purchases discounts. Sales discounts amounted to $700. Ken's incurred $1,020 of transportation-in cost and $320 of transportation-out cost. Selling and administrative cost amounted to $12,900. Cost of goods sold amounted to $35,100. Cost of goods available for sale Ending Inventory Jill's Dress Ken's Bait Shop Shop

For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required a. Jill's Dress Shop had a beginning balance in its inventory account of $43,000. During the accounting period, Jill's purchased $84,000 of inventory, returned $5,600 of inventory, and obtained $810 of purchases discounts. Jill's incurred $1,120 of transportation-in cost and $660 of transportation-out cost. Salaries of sales personnel amounted to $34,000. Administrative expenses amounted to $38,600. Cost of goods sold amounted to $88,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $9,200. During the accounting period, Ken's purchased $41,700 of inventory, obtained $1,320 of purchases allowances, and received $420 of purchases discounts. Sales discounts amounted to $700. Ken's incurred $1,020 of transportation-in cost and $320 of transportation-out cost. Selling and administrative cost amounted to $12,900. Cost of goods sold amounted to $35,100. Cost of goods available for sale Ending Inventory Jill's Dress Ken's Bait Shop Shop

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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