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Problem 8-1 From the accounting records of Hauck Company:                                 &nbs

Problem 8-1

From the accounting records of Hauck Company:

                                                                        2017                       2018                       2019

Beginning Inventory                                       $5,400                       B                              D      

Net Purchases                                                   A                       44,850                   52,100

Ending Inventory                                             7,100                        C                         9,700

                Cost of Goods Sold                        41,500                   45,300                        E

Calculate the missing amounts. Write out all steps in your calculations and label each number.

Beginning Inventory + Purchases = Cost of Goods Available - Cost of goods sold = Ending Inventory

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Homework Answers

Answer #1

Net Purchases of 2017 (A)

Ending Inventory=Cost of Goods Available - Cost of Goods Sold

$7100 = $5400+A - $41500

$7100 + $41500 = $5400+A

$48600= $5400+4

A= $48600-$5400

= $43200

B= $7100 (ending inventory of previous year 2017, i.e. $7100 will be the beginning inventory of 2018)

Ending Inventory of 2018 (C)

Ending Inventory = Cost of Goods Available-Cost of Goods Sold

Ending inventory= ($7100+$44850)-$45300

= $51950-$45300

= $6650

C= $6650

D = $6650 (Ending inventory of 2018, i.e. $6650 will be the beginning inventory of 2019)

Cost of Goods Sold of 2019(E)

Cost of Goods Sold= Cost of Goods Available-Ending Inventory

E = ($6650+$52100)-$9700

= $58750-$9700

= $49050

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