Solve and Answer the following questions. Sales revenue Sales returns and allowances Sales Discount Net sales Beginning

Solve and Answer the following  questions.

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Sales revenue Sales returns and allowances Sales Discount Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit 2018 $320,000 $? $15,000 $10,000 ? $5,000 $6,000 $2,000 2019 2020 $370,000 $300,000 $354,000 ? $45,000 $60,000 ? $60,000 ? ? ? $3,000 $10,000 $5,000 $6,000 $5,000 $10,000 $250,000 ? $250,000 $50,000 $50,000 $95,000 $300,000 $500,000 Required: Based on the above-given information, answer the following questions: 1. What is the value of the ending inventory for the year 2018? o The value of the ending inventory for the year 2018 is equal to 60000] 2. What is the value of the cost of goods purchased for the year 2018? o The value of the cost of goods purchased for the year 2018 is equal to 3. What is the value of the cost of goods available for sale for the year 2019? o The value of the cost of goods available for sale for the year 2019 is equal to 4. What is the value of the cost of goods sold for sale for the year 2019? o The value of the cost of goods sold for the year 2019 is equal to 5. What is the value of net sales for the year 2020? o The value of the net sales for the year 2020 is equal to 6. What is the value of the ending inventory for the year 2020? o The value of the ending inventory for the year 2020 is equal to Sales revenue Sales returns and allowances Sales Discount Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit 2018 $320,000 $? $15,000 $10,000 ? $5,000 $6,000 $2,000 2019 2020 $370,000 $300,000 $354,000 ? $45,000 $60,000 ? $60,000 ? ? ? $3,000 $10,000 $5,000 $6,000 $5,000 $10,000 $250,000 ? $250,000 $50,000 $50,000 $95,000 $300,000 $500,000 Required: Based on the above-given information, answer the following questions: 1. What is the value of the ending inventory for the year 2018? o The value of the ending inventory for the year 2018 is equal to 60000] 2. What is the value of the cost of goods purchased for the year 2018? o The value of the cost of goods purchased for the year 2018 is equal to 3. What is the value of the cost of goods available for sale for the year 2019? o The value of the cost of goods available for sale for the year 2019 is equal to 4. What is the value of the cost of goods sold for sale for the year 2019? o The value of the cost of goods sold for the year 2019 is equal to 5. What is the value of net sales for the year 2020? o The value of the net sales for the year 2020 is equal to 6. What is the value of the ending inventory for the year 2020? o The value of the ending inventory for the year 2020 is equal to

Answer rating: 100% (QA)

Answer Based on the given information lets calculate the values as required Value of ending inventory for the year 2018EndingInventory2018BeginningInventory2018Purchases2018CostofGoodsSold2018EndingIn... View the full answer