Supply the missing dollar amounts for each of the following independent cases

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ashleycarlson0810 ashleycarlson0810

03-10-2021
Mathematics

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Supply the missing dollar amounts for each of the following independent cases

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MrRoyal MrRoyal · Answer 1 · 2021-10-07T20:18:44+02:00

The table is an illustration of inventory.

The missing dollar amounts of the table will be calculated using the following set of formula

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

[tex]\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}[/tex]

Case A

Calculate cost of ending inventory using:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

So, we have:

[tex]\mathbf{\$2100 - Ending\ inventory = \$920}[/tex]

[tex]\mathbf{Ending\ inventory = \$2100 - \$920}[/tex]

[tex]\mathbf{Ending\ inventory = \$1180}[/tex]

Calculate the gross profit using:

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

So, we have:

[tex]\mathbf{\$1300 - \$920 = Gross\ Profit}[/tex]

[tex]\mathbf{Gross\ Profit = \$380 }[/tex]

Case B

Calculate cost of goods sold using:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

So, we have:

[tex]\mathbf{\$2200 - \$720 = Cost\ of\ Goods\ sold}[/tex]

[tex]\mathbf{Cost\ of\ Goods\ sold = \$1480}[/tex]

Calculate the gross profit using:

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

So, we have:

[tex]\mathbf{\$1500 - \$1480 = Gross\ Profit}[/tex]

[tex]\mathbf{Gross\ Profit = \$20 }[/tex]

Case C

Calculate sales revenue using:

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

So, we have:

[tex]\mathbf{Sales - \$800= \$1000}[/tex]

[tex]\mathbf{Sales = \$1800}[/tex]

Calculate cost of goods available for sale using:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

So, we have:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - \$900 = \$800}[/tex]

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale = \$1700}[/tex]

Next, we calculate the purchases using:

[tex]\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}[/tex]

So, we have:

[tex]\mathbf{\$700 + Purchases = \$1700}[/tex]

[tex]\mathbf{Purchases = \$1000}[/tex]

Case D

Calculate the cost of goods available for sale using:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

So, we have:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - \$850 = \$1250}[/tex]

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale = \$2100}[/tex]

Calculate beginning inventory using:

[tex]\mathbf{Beginning\ Inventory + Purchases = Cost\ of\ goods\ available\ for\ sale}[/tex]

So, we have:

[tex]\mathbf{Beginning\ Inventory + \$1200 = \$2100}[/tex]

[tex]\mathbf{Beginning\ Inventory = \$3300}[/tex]

Calculate Gross Profit using:

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

So, we have:

[tex]\mathbf{\$1420 - \$1250 = Gross\ Profit}[/tex]

[tex]\mathbf{Gross\ Profit = \$170}[/tex]

Case E

Calculate cost of goods sold using:

[tex]\mathbf{Sales - Cost\ of\ goods\ sold = Gross\ Profit}[/tex]

So, we have:

[tex]\mathbf{\$1600 - Cost\ of\ goods\ sold = \$1120}[/tex]

[tex]\mathbf{Cost\ of\ goods\ sold = \$480}[/tex]

Calculate cost of ending inventory using:

[tex]\mathbf{Cost\ of\ goods\ available\ for\ sale - Ending\ inventory = Cost\ of\ Goods\ sold}[/tex]

So, we have:

[tex]\mathbf{\$2150 - Ending\ inventory = \$480}[/tex]

[tex]\mathbf{ Ending\ inventory = \$1670}[/tex]