Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. applying the cost of goods sold model the followin

Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's...

60.1K

Verified Solution

Question

Accounting

Applying the Cost of Goods Sold Model

The following amounts were obtained from Stanwick Company's accounting records.

Year 1 Year 2
Net sales $388,600 $427,460
Cost of goods sold:
Beginning inventory $36,800 (d)
Purchases (a) 296,700
Goods available for sale (b) (e)
Ending inventory 42,060 (f)
Cost of goods sold (c) 295,390
Gross margin $113,560 (g)

Required:

Compute the missing amounts. Input your answers as positive numbers.

Year 1 Year 2
Net sales $388,600 $427,460
Cost of goods sold:
Beginning inventory $36,800 $fill in the blank 1
Purchases fill in the blank 2 296,700
Goods available for sale fill in the blank 3 fill in the blank 4
Ending inventory 42,060 fill in the blank 5
Cost of goods sold fill in the blank 6 295,390
Gross margin $113,560 $fill in the blank 7

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Consider sampling heights from the population of all female college soccer players in the United States....

Biology
1.2K views

1 2 Albinism has two alleles for skin color N dominance 1 Based on the...

Basic Math
1.2K views

In a chemistry class, 7 liters of a 4% silver iodide solution must be mixed...

Accounting
1.2K views

Download the rejected loans data set of LendingClub data titled "RejectStatsA Ready" and do an...

Accounting
1.2K views

Financial year of drip dry cleaning services end on 30 june

Accounting
1.2K views

Metlock Corporation has the following trading portfolio of debt investments as of December 31, 2020....

Accounting
1.2K views

A growngetain is lrying to decide wivich store location to open. The first iocation (A)...

Accounting
1.2K views

On June 1, 2022, Elway Corporation purchased a passenger automobile for 100 percent use in...

Accounting
1.2K views

COMPANY BACKGROUND Scallion Ltd began business on 1 July 2022, specialising in...

Finance
1.2K views

Homework: Chapter 16 Homework Question 2, P16-7 (simila... Part 1 of 3 HW Score: 33.33%,...

Accounting
1.2K views

Rock Shop Manufacturing Company makes specialty tools. In July, Rock Shop incurred manufacturing costs of...

Finance
1.2K views

How is a net present value profile used to compare projects?