WEEK 3 HOMEWORK DUE WEEK 4: FIND THE MISSING AMOUNTS FOR THE FOLLOWING PROBLEMS 1- ABC had inventory of 135 on 1/1/2018. During 2018, ABC purchased 1,600 of inventory and sold inventory costing 1.475. What was the 12/31/2018 balance in inventory? 2. ABC Co had a balance in inventory of 165 on 12/31/2018 and a balance of 155 on 12/31/2017 2,000 of inventory was purchased during 2018. What was the cost of inventory sold during 2018 assuming 100 was lost due to shrinkage and there were no returns? 3. ABC Co. had a balance in inventory of 155 on 1/1/2020 and a balance of 170 on 12/31/2020. During 2020, inventory costing 2,000 was sold. What amount of inventory was purchased during 2020? 4- In 2020, ABC Co purchased inventory costing 2.180 and sold inventory costing 2,300. ABC ended 2020 with 400 in inventory. What amount was in inventory when 2019 ended? 5- On 1/1/2020, ABC Co. accounting records showed 430 in Inventory and 250 in Accounts Payable on 12/31/2020, the same company's records showed 370 in Inventory and 270 in Accounts Payable. The company had 7,000 in 2020 Sales and 4,000 in Cost of Goods Sold. What amount of Cash was paid on account to suppliers) during 2020? 6- Refer to #5. What amount was Gross Margin if Bad Debt Expense = 07 7. ABC began 2014 with 340 in inventory and ended the year with 380 in inventory. During the year, 1,000 in inventory was purchased. The company's Gross Margin for the year was 465 What amount was the company's Sales for 2014? (Bad Debt = 0) 8. ABC had Sales of 2,000 during 2019. The company purchased $1,000 of inventory during 2019 and finished the year with 400 in inventory The Inventory balance on 1/1/2019 was 210. What was the company's Gross Margin for the 2019 year? (Bad Debt = 0) 9. ABC Co balance for Accounts Payable (A/P) on January 1, 2018 was 570. The company had a 410 A/P balance on 12/31/2018 and 950 in inventory. Cash paid on account during 2018 was 5,000, if inventory costing 4,800 was sold during the year, what was the beginning balance in Inventory on 1/1/2018? 10- ABC Co balance for Accounts Payable (A/P) on January 1, 2020 was 480 and the inventory balance was 910. On December 31, 2019, the A/P balance had risen to 590 and the inventory balance had risen to 950. Cash paid on account during 2019 was 4,500. If the company had Sales of 7,600 for the year, what was the company's Gross Margin? (no Bad Debt, no shrinkage) 11- XYZ.Co reported a Gross Margin of 2,800 in 2019 on Sales of 5,600. The company Purchased 4,000 of Inventory during 2019 and reported 100 in shrinkage. What was the ending Inventory balance in 2019 If the beginning balance was 1,000? 12- XYZ Co. began 2020 with a 350 Accounts Payable balance and ended the same year with a 450 A/P balance. During 2020, the company paid 2,400 Cash to its supplier. What was the company's Inventory Purchases for 2020? 13- ABCZ Co. ledger showed a 900 ending A/P balance on 12/31/2020. The Inventory account began 2020 with 1,000 and ended 2020 with 1,200. During 2020, the company paid 8,100 Cash to its supplier. The 2020 Income Statement showed Cost of Goods Sold of 8,000. The company also learned that 200 in inventory went missing in 2020. What was the 1/1/2020 Accounts Payable balance? 14- Go Enterprises had 300 beginning Inventory, 5,000 in inventory purchases and 4,500 in Cost of Goods Sold for 2020 What amount of inventory was missing at year-end if the ending balance was 500? 15- On 1/1/2020, ABC Co had a balance of 800 in A/R, 490 in Inventory and 320 in A/P. On 12/31/2020, the company had a balance of 820 in A/R, 400 in Inventory and 350 in A/P. The company reported 1,700 in Gross Margin. We also know that the company paid 2,800 in Cash on account during the year. What amount was received in Cash from customers during 2019? (No customer accounts were written off No Bad Debt Expense No Shrinkage)