Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
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.
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.) a Jill's Dress Shop had a beginning balance in its inventory account of $40,000. During the accounting period, Jal's purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. Jill's incurred $1,000 of transportation in cost and $600 of transportation-out cost. Salaries of sales personnel amounted to $31,000. Administrative expenses amounted to $35,600. Cost of goods sold amounted to $82,300 b. Ken's Bait Shop had a beginning balance in its inventory account of $8,000. During the accounting period, Ken's purchased $36,900 of Inventory, obtained $1.200 of purchases allowances, and received $360 of purchases discounts. Sales discounts amounted to $640. Ken's incurred $900 of transportation in cost and $260 of transportation-out cost. Selling and administrative cost amounted to $12,300. Cost of goods sold amounted to $33,900. Jill's Dress Shop $ 40.000 Ken's Bait Shop Cost of goods available for sale Ending inventory
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66969b8098067_24066969b802d719.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started