Inventory Cases are presented in the following table for your completion:
|
Inventory Cases
|
Case 1
|
Case 2
|
Case 3
|
Case 4
|
Case 5
|
Case 6
|
|
Beginning Inventory
|
3,000
|
5,000
|
6,400
|
?
|
10,000
|
20,000
|
|
Ending Inventory
|
?
|
1,400
|
4,300
|
17,300
|
15,000
|
?
|
|
Purchases
|
262,000
|
?
|
320,000
|
275,000
|
?
|
100,000
|
|
Cost Of Goods Sold
|
265,000
|
350,000
|
?
|
260,000
|
300,000
|
?
|
|
Goods Available for Sale
|
?
|
?
|
?
|
?
|
?
|
?
|
Inventory Cases with answers are presented in the following table:
|
Inventory Cases
|
Case 1
|
Case 2
|
Case 3
|
Case 4
|
Case 5
|
Case 6
|
|
Beginning Inventory
|
3,000
|
5,000
|
6,400
|
2,300
|
10,000
|
20,000
|
|
Ending Inventory
|
0
|
1,400
|
4,300
|
17,300
|
15,000
|
Not Determinable
|
|
Purchases
|
262,000
|
346,400
|
320,000
|
275,000
|
305,000
|
100,000
|
|
Cost Of Goods Sold
|
265,000
|
350,000
|
322,100
|
260,000
|
300,000
|
Not Determinable
|
|
Goods Available for Sale
|
265,000
|
351,400
|
326,400
|
277,300
|
315,000
|
120,000
|
The calculations are based on the inventory equations and some simple algebra.
Inventory Equations:
Beginning Inventory + Purchases = Goods Available for Sale
Goods Available for Sale - Cost of Goods Sold = Ending Inventry
Case 1 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
3,000 + 262000 - 265000 = Ending Inventory
Ending Inventory = 0
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale = 3000 + 262000
Goods Available for Sale = 265000
Case 2 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
5000 + Purchases -3500 = 1400
Purchases = 1400- 5000 + 350000
Purchases = 346400
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale= 5000 + 346400
Goods Available for Sale= 351400
Case 3 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
6400 + 320000 - Cost of Goods Sold = 4300
-Cost Of Goods Sold = 4300 - 6400 - 320000
Cost Of Goods Sold = -4300 + 6400 + 320000
Cost Of Goods Sold = -4300 + 6400 + 320000
Cost Of Goods Sold = 322100
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale = 6400 + 320000
Goods Available for Sale = 326400
Case 4 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
Beginning Inventory + 275000 - 260000 = 17300
Beginning Inventory = 17300 - 275000 + 260000
Beginning Inventory = 2300
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale = 2300 + 275000
Goods Available for Sale = 277300
Case 5 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
10000 + Purchase - 300000 = 15000
Purchases = 15000 - 10000 + 300000
Purchase = 305000
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale = 10000 + 305000
Goods Available for Sale = 315000
Case 6 Calculations
Beginning Inventory + Purchases - Cost Of Goods Sold = Ending Inventory
20000 + 100000 - Cost Of Goods Sold = Ending Inventory
Two unknowns - unable to calculate Cost Of Goods Sold or Ending Inventory
Goods Available for Sale = Beginning Inventory + Purchases
Goods Available for Sale = 20000 + 100000
Goods Available for Sale = 120000
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