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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

  1. Applying the Cost of Goods Sold Model

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

    2019 2020
    Net sales $382,400 $420,640
    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 $111,760 (g)

    Required:

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

    2019 2020
    Net sales $382,400 $420,640
    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 $111,760 $fill in the blank 7

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