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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Cost of goods sold

Inventories, Cost of goods sold, and net Income

e7A. The data that follow are for a retail organization and a manufacturing organization.

1.    Fill in the missing data for the retail organization:

 

First Quarter

 

second Quarter

 

Third Quarter

 

Fourth Quarter

 

Sales                                                              $10                   $(e)                   $15                   $(k)

Gross margin                                                 (a)                       4                        5                                                                                        (l) Ending merchandise inventory                                                                        5                       (f )                        5                                                                        (m) Beginning merchandise inventory                                                                        4                       (g)                     (h)                                                                                                                   5

Net cost of purchases                                   (b)                       7                      11                    (n)

Operating income                                            3                      2                     (i)                         2

Operating expenses                                      (c)                       2                        1                       4

Cost of goods sold                                          5                      8                     (j)                       12

Cost of goods available for sale                  (d)                     12                      15                     15

2.    Fill in the missing data for the manufacturing organization:

 

First Quarter

 

second Quarter

 

Third Quarter

 

Fourth Quarter

 

Ending finished goods inventory                $(a)                   $3                   $(h)                                                                         $  6 Cost of goods sold        6                                                                         3                       5                                                                                              (l)

Operating income                                            2                       3                    2                                                                           (m) Cost of goods available for sale                                                                           8                     (d)                    10                                                                                           13

Cost of goods manufactured                          5                     (e)                     (i)                        8

Gross margin                                                    4                     (f )                    (j)                        7

Operating expenses                                         2                     (g)                      4                       5

Beginning finished goods inventory           (b)                    2                      3                                                                          (n) Sales          (c)                     10                                                                          (k)                                             14

 

 

LO 5

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Maurice Tutor
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Status NEW Posted 17 Aug 2017 12:08 AM My Price 11.00

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