Answer:
a) $190,000
b) $70,000
c) $65,000
d) $81,000
e) $60,000
f) $133,000
Step-by-step explanation:
Please refer to the attached table where known and unknowns are given as per question.
(a) Costs of Goods available for sale:
The amount of cost of goods available for sale is calculated by adding the purchases and beginning inventory.
Costs of Goods available for sale = Beginning Inventory + Purchases
Costs of Goods available for sale = $80,000 + $110,000
Costs of Goods available for sale = $190,000
(b) Ending Inventory:
The amount of ending inventory is calculated by subtracting the cost of goods sold from the costs of goods available for sale.
Ending Inventory = costs of goods available for sale - cost of goods sold
Ending Inventory = $190,000 - $120,000
Ending Inventory = $70,000
(c) Purchases:
The amount of purchases is calculated by subtracting the beginning inventory from the cost of goods available for sale.
Purchases = costs of goods available for sale - beginning inventory
Purchases = $114,000 - $49,000
Purchases = $65,000
(d) Cost of Goods sold:
The amount of cost of goods sold is calculated by subtracting the ending inventory from the cost of goods available for sale.
Cost of Goods sold = costs of goods available for sale - ending inventory
Cost of Goods sold = $114,000 - $33,000
Cost of Goods sold = $81,000
(e) Beginning Inventory:
The amount of beginning inventory is calculated by subtracting the purchases from the cost of goods available for sale.
Beginning Inventory = costs of goods available for sale - Purchases
Beginning Inventory = $160,000 - $100,000
Beginning Inventory = $60,000
(f) Cost of Goods sold:
The amount of cost of goods sold is calculated by subtracting the ending inventory from the cost of goods available for sale.
Cost of Goods sold = costs of goods available for sale - ending inventory
Cost of Goods sold = $160,000 - $27,000
Cost of Goods sold = $133,000
