Problem 8-1

From the accounting records of Hauck Company:

2017 2018 2019

Beginning Inventory $5,400 B D

Net Purchases A 44,850 52,100

Ending Inventory 7,100 C 9,700

Cost of Goods Sold 41,500 45,300 E

Calculate the missing amounts. Write out all steps in your calculations and label each number.

Beginning Inventory + Purchases = Cost of Goods Available - Cost of goods sold = Ending Inventory