Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $381,220 $423,150 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 41,870 (f) Cost of goods sold (c) 295,20
Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $381,220 $423,150 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 41,870 (f) Cost of goods sold (c) 295,20
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 33BE
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Applying the Cost of Goods Sold Model
The following amounts were obtained from Stanwick Company's accounting records.
2019 2020 Net sales $381,220 $423,150 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 41,870 (f) Cost of goods sold (c) 295,200 Gross margin $112,450 (g) Required:
Compute the missing amounts. Input your answers as positive numbers.
2019 2020 Net sales $381,220 $423,150 Cost of goods sold: Beginning inventory $36,800 $fill in the blank 1 Purchases fill in the blank 2 296,700 Goods available for sale fill in the blank 3 fill in the blank 4 Ending inventory 41,870 fill in the blank 5 Cost of goods sold fill in the blank 6 295,200 Gross margin $112,450 $fill in the blank 7
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