Answer:
Question is not properly written. Proper question is :
Presented below are the components in determining cost of goods sold. Determine the missing amounts. (CGS- Cost of ggods sold)
a. Beg.inv. Purch. Goods avail. for sale End. inv. CGS
80000 100000 ? ? 120000
b. 50,000 ? 115000 35000 ?
c. ? 110000 160000 29000 ?
Solution :
a. i)Goods available for sale = ?
ii) Ending inventory = ?
i) Goods available for sale = Beginning inventory + Purchases
i)Goods available for sale = $ 80000+100000 = $ 180,000
Ending inventory = Beginning inventory + Purchases - CGS
ii)Ending inventory = $ 80000 + $100000 - $ 120,000 = $ 60,000
b. i) Purchases = ?
ii) CGS = ?
Purchases = Goods available for sale - Beginning inventory
i) Purchases = $ 115000 - $ 50000 = $ 65000
CGS = Beginning inventory + Purchases - Ending inventory
ii) CGS = $ 50000 + $ 65000 - $ 35000 = $ 80,000
c. i) Beginning inventory = ?
ii) CGS = ?
Beginning inventory = Goods available for sale - Purchases
i) Beginning inventory = $ 160000 - $ 110000 = $ 50000
CGS = Beginning inventory + Purchases - Ending inventory
ii) CGS = $ 50000 + $ 110000 - $ 29000 = $ 131,000