portage retail group begins the year with inventory of $64,000 and ends the year with inventory of $54,000…

portage retail group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. during the year, the company has four purchases for the following amounts.\npurchase on february 17: $219,000\npurchase on may 6: 139,000\npurchase on september 8: 169,000\npurchase on december 4: 419,000\nrequired:\ncalculate cost of goods available for sale and cost of goods sold for the year.\nbeginning inventory: $64,000

portage retail group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. during the year, the company has four purchases for the following amounts.\npurchase on february 17: $219,000\npurchase on may 6: 139,000\npurchase on september 8: 169,000\npurchase on december 4: 419,000\nrequired:\ncalculate cost of goods available for sale and cost of goods sold for the year.\nbeginning inventory: $64,000

Answer

Explanation:

Step1: Calculate total purchases

$219000 + 139000+169000 + 419000=946000$

Step2: Calculate cost of goods available for sale

Cost of goods available for sale = Beginning inventory+Total purchases. So, $64000 + 946000=1010000$

Step3: Calculate cost of goods sold

Cost of goods sold = Cost of goods available for sale - Ending inventory. So, $1010000-54000 = 956000$

Answer:

Cost of goods available for sale: $1010000$ Cost of goods sold: $956000$