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How to find beginning inventory?
Asked Oct 21, 2010, 09:05 AM
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2 Answers They provide ending inventory of 227 million, cost of goods sold of 630 million, cogs available for sale of 857 million, purchase discounts of 15 million, and the gross purchases amount is also missing. Does anyone know how to do this? |
2 Answers
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| Not quite enough info, as it stands. Beginning Inv + Purchases - Purchase discounts = COGS available With the data provided, that becomes B + P - 15 = 857. So B could be about anything...it depends on P. Is there anything else given, such as "discounts are X% of gross purchases"? | ||||
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| Cost of merchandise sold = beginning inventory + purchase - ending inventory Cost of merchandise sold = 630.000.000 Purchase = 15.000.000 Ending inventory = 227.000.000 630.000.000 = BI + 15.000.000 - 227.000.000 BI= 630.000.000.-15.000.000 +227.000.000 BI= 842.000.000 | ||||
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