AC224 May 24, 2017 4. Digital Forces Selected data from the financial statements

Question

AC224 May 24, 2017 4. Digital Forces Selected data from the financial statements for Digital Forces is presented below. Net Sales-2017 Cost of Sales-2017 Selling, General& Administrative Expenses-2017 Other Operating Expenses-2017 Income Taxes-2017 Inventories-Dec. 31, 2016 Inventories-Dec. 31, 2017 Retained Earnings-Dec. 31, 2017 $200,000 36,000 63,000 600 3,000 11,000 13,000 39,000 Refer to the financial statement information for Digital Forces. Determine the dollar amount of cost of goods purchased for Digital Forces for 2017.

Explanation / Answer

Cost of Good Purchased Ending Inventory $13,000.00 Add: Cost of Good Sold $136,000.00 Less: Beginning Inventory -$11,000.00 Cost of Good Purchased $138,000.00

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