Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 67

Identify items missing in determining cost of goods sold
For (A) through (E), identify the items designated by X and Y.
A. Purchases ? (X + Y) = Net purchases
B. Net purchases + X = Cost of inventory purchased
C. Inventory (beginning) + Cost of inventory purchased = X
D. Inventory available for sale ? X = Cost of inventory before estimated returns
E. Cost of goods sold before estimated returns ? X = Cost of goods sold