Cost of Goods: Calculating Beginning Inventory, Purchases, and

School: Central Community College - Course: ACCOUNTING ACT 1100 - Subject: Accounting

BE7.1 (Insert the missing amounts.) = Cost of Goods BeginningAvailable for- EndingCost of Goods Inventory+ PurchasesSaleInventorySold (a)$80,000$100,000$120,000 (b)$50,000$115,000$35,000 (c)$110,000$160,000$29,000 BE7.2 (Insert the missing amounts.) - Cost of= Gross- Operating= Net SalesGoods SoldProfitExpensesIncome (a)$75,000$28,000$9,800 (b)$108,000$70,000$29,500 (c)$83,900$79,600$39,500 BE7.3 Cost of beginning inventory Add:Cost of goods purchased Cost of Goods Available for Sale Less:Cost of ending inventory Cost of Goods Sold Sales Revenue Less:Cost of Goods Sold Gross Profit

P 7.1 (a) General JournalJ1 DateAccount TitlesRef.DebitCredit May 1 5 10 11 12 15 17 19 25 27

P 7.2 General JournalJ1 DateAccount TitlesDebitCredit Aug. 1 6 9 20 21 25 30

P 7.3 (a) General JournalJ1 DateAccount TitlesRef.DebitCredit Apr. 5 7 9 12 14 17 21

P 7.3 - (b) Concluded CashNo. 101 DateExplanationRef.DebitCreditBalance Apr. 1Balance√1,800 InventoryNo. 120 DateExplanationRef.DebitCreditBalance Apr. 1Balance√2,500 Accounts PayableNo. 201 DateExplanationRef.DebitCreditBalance 5-Apr Owner's CapitalNo. 311 DateExplanationRef.DebitCreditBalance Apr. 1Balance√4,300