Question

Supply the missing dollar amounts for each of the following independent cases

Answer 1

The table is an illustration of inventory.

The missing dollar amounts of the table will be calculated using the following set of formula

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

$\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}$

Case A

Calculate cost of ending inventory using:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

So, we have:

$\mathbf{\ 2100 - Ending\ inventory = \ 920}$

$\mathbf{Ending\ inventory = \ 2100 - \ 920}$

$\mathbf{Ending\ inventory = \ 1180}$

Calculate the gross profit using:

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

So, we have:

$\mathbf{\ 1300 - \ 920 = Gross\ Profit}$

$\mathbf{Gross\ Profit = \ 380 }$

Case B

Calculate cost of goods sold using:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

So, we have:

$\mathbf{\ 2200 - \ 720 = Cost\ of\ Goods\ sold}$

$\mathbf{Cost\ of\ Goods\ sold = \ 1480}$

Calculate the gross profit using:

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

So, we have:

$\mathbf{\ 1500 - \ 1480 = Gross\ Profit}$

$\mathbf{Gross\ Profit = \ 20 }$

Case C

Calculate sales revenue using:

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

So, we have:

$\mathbf{Sales - \ 800= \ 1000}$

$\mathbf{Sales = \ 1800}$

Calculate cost of goods available for sale using:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

So, we have:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - \ 900 = \ 800}$

$\mathbf{Cost\ of\ goods\ available\ for\ sale = \ 1700}$

Next, we calculate the purchases using:

$\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}$

So, we have:

$\mathbf{\ 700 + Purchases = \ 1700}$

$\mathbf{Purchases = \ 1000}$

Case D

Calculate the cost of goods available for sale using:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

So, we have:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - \ 850 = \ 1250}$

$\mathbf{Cost\ of\ goods\ available\ for\ sale = \ 2100}$

Calculate beginning inventory using:

$\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}$

So, we have:

$\mathbf{Beginning\ Inventory + \ 1200 = \ 2100}$

$\mathbf{Beginning\ Inventory = \ 3300}$

Calculate Gross Profit using:

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

So, we have:

$\mathbf{\ 1420 - \ 1250 = Gross\ Profit}$

$\mathbf{Gross\ Profit = \ 170}$

Case E

Calculate cost of goods sold using:

$\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}$

So, we have:

$\mathbf{\ 1600 - Cost\ of\ goods\ sold = \ 1120}$

$\mathbf{Cost\ of\ goods\ sold = \ 480}$

Calculate cost of ending inventory using:

$\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}$

So, we have:

$\mathbf{\ 2150 - Ending\ inventory = \ 480}$

$\mathbf{ Ending\ inventory = \ 1670}$

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