Question

The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing...

The following amounts were obtained from the accounting records of Steed Company:

Required:

Compute the missing amounts.

2017 2018 2019
Beginning inventory $9,600
Net purchases 71,300 58,100
Ending inventory 11,200 13,750
Cost of goods sold 44,500 49,800
Business   Accounting   
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Homework Answers

Answer #1

We know that

Cost of goods sold = Beginning inventory + purchases - Ending inventory

For the year 2017; purchases = 44,500+11,200- 9600

Net purchases = $ 46,100

The ending inventory for the year 2017 is the beginning inventory for the year 2018.

Beginning inventory for the year 2018 = 11,200

Cost of goods sold = beginning inventory + purchases - Ending inventory

Ending inventory = 11,200+ 71,300- 49,800

Ending inventory for the year 2018 = 32,700

Beginning inventory for the year 2019 = 32,700

Cost of goods sold for the year 2019 = 32,700+58,100-13,750

= 77,050

2017 2018 2019
Beginning inventory $ 9,600 $ 44,500 $ 32,700
Net purchases 46,100 71,300 58,100
Ending inventory 11,200 32,700 13,750
COGS 44,500 49,800 77,050
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