Brief Exercise 5-01 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold

(a) $80,000 $100,000 $ 180000 $ 40000 $120,000
(b) $50,000 $ 85000 $115,000 $35,000 $
(c) $ $110,000 $160,000 $29,000

a. Cost of goods available for sale is $180,000

Ending inventory is $60,000

b. Purchases is $65,000

Cost of goods sold is $80,000

c. Beginning inventory is $50,000

Cost of goods sold is $131,000

a. Cost of goods available for sale is the sum of beginning inventory and purchases

Beginning inventory = $80,000

Purchases  = $100,000

$80,000 + $100,000 = $180,000

Ending inventory is the goods that remains in inventory of a firm at the end of the fiscal period. It is the costs of goods available for sale less cost of goods sold.

Cost of goods available for sale = $180,000

Cost of goods sold = $120,000

$180,000 - $120,000 = $60,000

b, Purchases is the cost of goods available for sale less beginning inventory

cost of goods available for sale = $115,000

beginning inventory = $50,000

$115,000 - $50,000 = $65,000

Cost of goods sold is the cost of goods available for sale less ending inventory

cost of goods available for sale = $115,000

ending inventory = $35,000

$115,000 -  $35,000 =  $80,000

c. Beginning inventory is cost of goods available for sale less purchases

cost of goods available = $160,000

purchases = $110,000

$160,000 - $110,000 = $50,000

Cost of goods sold is cost of goods available for sale less ending inventory

Cost of goods available for sale = $160,000

Ending inventory = $29,000

$160,000 - $29,000 = $131,000

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