If a company has beginning inventory of $1,000,000, purchases during the period of $1,800,000, and ending inventory of $500,000, what is the less cost of goods sold?

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Kritika KrishnakumarLv10

28 Sep 2019

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Related questions

Consider the following partially completed income statements for merchandising companies and compute the missingâ amounts under the Flynt Corp. table below the following Data Table:

â view the Incomeâ Statements:

Data Table :

		Rustic Gear		Flynt Corp.
Sales		$	98,000	$	(d)
Cost of Goods Sold:
	Beginning Merchandise Inventory		(a)		31,000
	Purchases and Freight In		50,000		(e)
	Cost of Goods Available for Sale		(b)		91,000
	Ending Merchandise Inventory		(2,200)		(2,200)
	Cost of Goods Sold		63,000		(f)
Gross Profit			35,000		114,000
Selling and Administrative Expenses			(c)		86,000
Operating Income		$	10,000	$	(g)

		Rustic Gear
Sales		$98,000
Cost of Goods Sold:
	Beginning Merchandise Inventory	15,200
	Purchases and Freight In	50,000
	Cost of Goods Available for Sale	65,200
	Ending Merchandise Inventory	(2,200)
	Cost of Goods Sold	63,000
Gross Profit		35,000
Selling and Administrative Expenses		25,000
Operating Income		$10,000

	Flynt Corp.

	__?___
	$31,000
	__?___
	91,000
	(2,200)

	114,000
	86,000
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Dixie Company uses the periodic inventory system. Below is the inventory information for the month of March for one of its most popular items:

Units Unit Cost

3/1 Beginning Inventory 100 $40

3/3 Purchase 60 $50

3/10 Purchase 200 $55

3/22 Purchase 40 $60

A physical count of inventory on March 31 revealed that there were 150 units on hand.

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Compute 1) 1) the value of the ending inventory and 2) the cost of goods sold under the average cost method:

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Alpha Company uses the periodic inventory system and had the following inventory & sales activity for 2016:

Date	Activity	Quantity	Unit Price
5/1	Beginning Inventory	175	$10
5/5	Purchase	200	$12
5/15	Purchase	300	$15
5/25	Purchase	150	$16