BE5-1 Compute missing amounts in determining cost of goods sold LO1) Presented b

Question

BE5-1 Compute missing amounts in determining cost of goods sold LO1) Presented below are the components in determining cost of goods sold. Determine the missing amounts Cost of Goods Cost of Beginning Inventory Purchases Available for Sale In Ending ventory Goods Sold (a) $80,000 (b) $50,000 $100,000 $120,000 $115,000 $160,000 $35,000 $29,000 $110,000 BE5-2 Compute missing amounts in determining net income LO1) Presented below are the components in Gates Company's income statement. Determine the missing amounts Cost of Goods Sold Operating Expenses Net Income $10,800 $29,500 Sales Revenue Gross Profit $30,000 (a)75,000 (b) $108,000 (c) ? $70,000 83,900 $79,600 $39,500

Explanation / Answer

Req 1 Beginning Purchases Cost of Goods Ending Inventory Cost of Goods Inventory Available for sale Sold a 80000 100000 180000 60000 120000 b 50000 65000 115000 35000 80000 c 50000 110000 160000 29000 189000 Note: Cost of Goods available = Beginning Inventory+ Purchases Note: Ending inventory = Cost of Goods available for sale - Cost of goods sold Req 2: Cost of Gross Operating expense Net income Sales revenue Goods sold Profit a 75000 45000 30000 19200 10800 b 108000 70000 38000 8500 29500 c 163500 83900 79600 39500 40100 Note: Gross profit= Sales - cost of goods sold Note: Net income = Gross profit - operating expense

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