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

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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

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