The following information comes from the annual reports of Devin Designs.
$$\begin{array} { | l | r | r | r | }
\hline & { \mathbf { 2 0 1 7 } } & { \mathbf { 2 0 1 5 } } &\mathbf {2 0 1 5 } \
\hline \text { Beginning irventary } & ? & ? & 2 , 2 5 0\
\hline \text { Purchases } & 12,652 & ? & ? \
\hline \text { Goods available for sale } & ? & ? & 12 ,899\
\hline \text { Ending irventary } & ? &2 , 6 6 2 & ? \
\hline \text { Cost of goods sald } & 12,213 & 10 , 9 08& 10,490 \
\hline
\end{array}$$
What is the ending inventory amount for 2017?

Question

The following information comes from the annual reports of Devin Designs.
$$\begin{array} { | l | r | r | r | } 
\hline & { \mathbf { 2 0 1 7 } } & { \mathbf { 2 0 1 5 } } &\mathbf {2 0 1 5 } \
\hline \text { Beginning irventary } & ? & ? &  2 , 2 5 0\
\hline \text { Purchases } & 12,652 & ? & ? \
\hline \text { Goods available for sale } & ? & ? & 12 ,899\
\hline \text { Ending irventary } & ? &2 , 6 6 2  & ? \
\hline \text { Cost of goods sald } & 12,213 & 10 ,  9 08& 10,490 \
\hline
\end{array}$$
What is the ending inventory amount for 2017?

Quizplus · Accepted Answer

For 2017, the ending inventory can be calculated by subtracting the cost of goods sold from the goods available for sale. Given that the cost of goods sold is $12,213, and assuming the pattern of calculation is consistent, we need to find the goods available for sale for 2017. However, the goods available for sale are not directly provided for 2017. Typically, the goods available for sale is the sum of beginning inventory and purchases. Since we don't have direct numbers for these for 2017, we can't calculate it directly from the information provided. But, knowing the cost of goods sold and assuming the question implies we can deduce the ending inventory directly or indirectly, we use the formula:$$ \text{Ending Inventory} = \text{Goods Available for Sale} - \text{Cost of Goods Sold} $$Without the goods available for sale directly provided for 2017, we look for a logical or typographical error in the question setup. Given the nature of the question and the data provided, it seems there's a misunderstanding in how the ending inventory is directly calculated from the given table due to missing information. However, if we were to follow the logic that the ending inventory plus the cost of goods sold should equal the goods available for sale (which is a standard inventory equation), and we had the correct goods available for sale figure for 2017, we would subtract the cost of goods sold ($12,213) from it. The question seems to aim at testing understanding of inventory calculations but lacks sufficient data for 2017 to perform the calculation directly.Given the error in the setup, we can't accurately calculate the ending inventory for 2017 without more information. The correct answer choice, based on standard accounting formulas, cannot be determined from the provided data, indicating a possible mistake in the question or a need for an assumption that isn't clearly stated. The response assumes a direct calculation or a clear path to the answer was intended, but with the data given, this isn't feasible.

The Following Information Comes from the Annual Reports of Devin