# Presented below are the components in determining cost of goods sold. Determine the missing amounts.BeginningInventory  Purchases  Cost of GoodsAvailable for Sale  EndingInventory  Cost ofgoods sold \$78,000  \$98,000  \$enter a dollar amount (a) \$enter a dollar amount (b) \$118,000 \$48,000  \$enter a dollar amount (c) \$113,000  \$33,000  \$enter a dollar amount (d)\$enter a dollar amount (e) \$108,000  \$158,000  \$27,000  \$enter a dollar amount (f)

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Presented below are the components in determining cost of goods sold. Determine the missing amounts.

 BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold \$78,000 \$98,000 \$enter a dollar amount (a) \$enter a dollar amount (b) \$118,000 \$48,000 \$enter a dollar amount (c) \$113,000 \$33,000 \$enter a dollar amount (d) \$enter a dollar amount (e) \$108,000 \$158,000 \$27,000 \$enter a dollar amount (f)
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Step 1

Cost of goods sold:

Cost of goods sold is the carrying value of goods sold during a particular period. Cost of goods sold plays an important role in making business decision.

Cost of goods available for sale:

Cost of goods available for sale is the maximum amount of goods or inventory that a company can possibly sell during the fiscal year.

Step 2

Formula for calculating:

1. Cost of goods available for...

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