Applying the Cost of Goods Sold Model
The following amounts were obtained from the accounting records of Steed Company:
Required:
Compute the missing amounts.
| |
2011
|
2012
|
2013
|
|
Beginning inventory
|
$10,600
|
$
|
$
|
|
Net purchases
|
|
64,300
|
64,100
|
|
Ending inventory
|
11,200
|
|
13,750
|
|
Cost of goods sold
|
44,500
|
49,800
|
|