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Why is beginning and ending inventory kept as two separate figures in the cost of goods s

 Why is beginning and ending inventory kept as two separate figures in the cost of goods sold section?

98) Prepare the general journal entry to record the adjustment for inventory:

Beginning inventory $5,000

Ending inventory 6,000

99) Camping is Fun purchased merchandise costing $2,000. Calculate the cost of goods sold under the following different situations:

a) Beginning inventory $200 and no ending inventory.

b) Beginning inventory $250 and a $300 ending inventory.

c) No beginning inventory and a $150 ending inventory.

100)

Sales

Beginning

Inventory

Purchases

Ending

Inventory

Cost of

Goods Sold

Gross

Profit

Expense

Net Income

Or Net Loss

32

20

16

a)

26

b)

8

c)

a) ________________

b) ________________

c) ________________

101)

Sales

Beginning

Inventory

Purchases

Ending

Inventory

Cost of

Goods Sold

Gross

Profit

Expense

Net Income

Or Net Loss

38

14

d)

18

20

e)

10

8

d) ________________

e) ________________

Dec 07 2019 Read more Less More

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