# Homework #8-1.xlsx - Homework#8 Name NID Danielle Davi...

• 3
• 67% (3) 2 out of 3 people found this document helpful

This preview shows page 1 - 2 out of 3 pages.

Homework #8Name:Danielle DaviNID: da610645Part I1. Fill in the blanks (fill in the shaded area).Company ACompany BCompany C Company DBeginning Inventory\$ 3,000 \$ 500 \$ 7,000 \$ 1,250 Inventory Purchase5,000 4,000 3,000 4,000 Cost of goods available for sale8,000 4,500 10,000 5,250 Ending Inventory2,000 1,500 5,000 700 Cost of goods consumed6,000 3,000 5,000 4,550 Goods used internally100 700 600 550 Cost of goods sold\$ 5,900 \$ 2,300 \$ 4,400 \$ 4,000 2. The following is the part of income statement of AAA.Complete the table (Fill in the shaded area).Correct EntriesColumn AColumn BColumn CColumn DSales\$ 100,000 \$ 100,000 \$ 100,000 \$ 100,000 \$ Cost of Goods Sold:Beginning Inventory50,000 40,000 60,000 50,000 50,000 Purchases30,000 30,000 30,000 30,000 30,000 Costs of Goods Available80,000 80,000 80,000 80,000 60,000 Ending Inventory50,000 50,000 50,000 40,000 40,000 Cost of Goods Sold30,000 30,000 30,000 30,000 30,000 Gross Profit\$ 70,000 a. Calculate Cost of Goods Sold and Gross Profit for correct entries columnb. Complete Column A. In this column, suppose that beginning inventory is \$40,000, but ending inventory remains the same (\$50,000)100,000