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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) ________________
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