Supply the missing dollar amounts for each of the following

Supply the missing dollar amounts for each of the following independent cases ales Beginning Purchases Available for Sale Cases Revenue Inventory Cost of Goods Cost of Goods Sold Cost of Ending Inventory Gross Profit $ 850$ 250 950 $ 350 250 450 200 1,200 S 1,300 1,050 1,350 980 1,150 950 550 750 1,050 800 1,200 1,250 480 1,020 350 800 280 450 400 370 30 550 180 680

Solution

Case A: Calculation of ending inventory: Ending inventory= beginning inventory+ purchases-cost of goods sold                                    = 250+950-480=720 Cost of ending inventory= $720 Case E: Calculation of cost of goods sold: Cost of goods sold= Sales- gross profit                                      = 1150-680=$470 Cost of goods sold= $470 Calculation of ending inventory: Ending inventory= beginning inventory+ purchases-cost of goods sold                                    = 200+1050-470=780 Cost of ending inventory= $780