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qaws [65]
2 years ago
12

The Playa Company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). R

equired: Determine the missing numbers. (Enter all amounts as positive numbers. Enter your answers in thousands.)
Business
1 answer:
nikklg [1K]2 years ago
8 0

Answer:

Particulars                                      2021                2022                    2023

Beginning Inventory                        <u>277</u>                <u>253</u>                         235

Cost of Goods sold                          633                623                        <u> </u><u>586</u>

Ending inventory                             <u> </u><u>253 </u>              235                          220

Cost of good available for sale       886                <u>876</u><u> </u>                         806

Purchases                                         640                <u>623 </u>                         595

Purchase discounts                           20                   17                            <u>26</u>

Purchase returns                               26                   32                            16

Freight-in                                            15                    34                            18

Explanation:

There are few missing values which are calculated using back solving technique. These values are bold and underlined. Playa Company has missing information for its three year accounts.

Available for sale = Beginning inventory + Net Purchases

Cost of Goods Sold =  Cost of good available for Sales - Ending inventory

Ending inventory = Cost of Goods available for Sales - Cost of Goods Sold.

Net purchases = Gross purchases + Freight in - Purchase discount - Purchase return

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