Supply the missing dollar amounts for each of the following independent cases. Cases Sales Revenue...

Question

Supply the missing dollar amounts for each of the following independent cases.

Cases	Sales Revenue	Beginning Inventory	Purchases	Cost of Goods Available for Sale	Cost of Goods Sold	Cost of Ending Inventory	Gross Profit
A	$1,150	$550	$1,250	$1,800	$840	$960
B	1,350	650	1,250	1,900		640
C		550			650	750	850
D	1,340		1,050		1,100	700
E	1,450	500	1,350	1,850			1,040

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The word "cost" means it's the cost of the merchandise that are sold over a certain amount of time. It is comprised of direct raw materials, direct labor, in manufacturing, and overhead. In other words, these are the costs required to make the product. The fundamental formulas used in Cost accounting include:

The Total Available is the Beginning inventory plus Purchases
The end of inventory = the total available Cost of the goods sold
The Gross Profit is the Sales Revenue + The Cost of Goods sold
Operating Income = Gross Profit minus General and Selling expenses

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Richard Morton · Accepted Answer

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