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can you please type it done includeing the fomula on how you got the answer please Exercise 4-7A (Algo) Determining the cost of inventory LO
can you please type it done includeing the fomula on how you got the answer please
Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4 For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required a. Jill's Dress Shop had a beginning balance in its inventory account of $51,500. During the accounting period, Jill's purchased $109,500 of inventory, returned $7,300 of inventory, and obtained $980 of purchases discounts. Jill's incurred $1,460 of transportation-in cost and $830 of transportation-out cost. Salaries of sales personnel amounted to $42,500. Administrative expenses amounted to $47,100. Cost of goods sold amounted to $105,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $12,600. During the accounting period, Ken's purchased $55,300 of inventory, obtained $1,660 of purchases allowances, and received $590 of purchases discounts. Sales discounts amounted to $870. Ken's incurred $1,360 of transportation-in cost and $490 of transportation-out cost. Selling and administrative cost amounted to $14,600. Cost of goods sold amounted to $38,500. Cost of goods available for sale Ending Inventory Jill's Dress Ken's Bait Shop Shop S Exercise 4-20A (Algo) Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,700 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,300. At the end of the year, inventory on hand amounted to $3,900. 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. Cost of goods available for sale b. Cost of goods sold C. Inventory reported on year-end balance sheet aStep by Step Solution
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