4556 Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Perlodic...

Transcribed Image Text:

4556 Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Perlodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 In Inventory. During the year, Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year, Inventory on hand amounted to $4,100. Required a. Calculate the cost of goods available for sale during the year. b. Calculate the cost of goods sold for the year. C Calculate the amount of Inventory Rose Sporting Goods would report on the year-end balance sheet a. Cost of goods available for sale b. Cost of goods sold c. Inventory reported on year-end balance sheet 4556 Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Perlodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 In Inventory. During the year, Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year, Inventory on hand amounted to $4,100. Required a. Calculate the cost of goods available for sale during the year. b. Calculate the cost of goods sold for the year. C Calculate the amount of Inventory Rose Sporting Goods would report on the year-end balance sheet a. Cost of goods available for sale b. Cost of goods sold c. Inventory reported on year-end balance sheet