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5 August, 14:11

Lakeside Manufacturing provided the following information for the month ended March 31:Sales Revenue $26,000Beginning Finished Goods Inventory 8,000Ending Finished Goods Inventory 13,500Cost of Goods Manufactured 15,600Compute cost of goods available for sale.

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  1. 5 August, 14:17
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    cost of goods available for sale = $29,100

    Explanation:

    Giving the following information:

    Sales Revenue $26,000

    Beginning Finished Goods Inventory 8,000

    Ending Finished Goods Inventory 13,500

    Cost of Goods Manufactured 15,600

    cost of goods available for sale = beginning finished goods inventory + purchases

    We have to find the amount of purchases.

    We know that:

    cost of goods manufactured = Beginning Finished Goods Inventory + purchases - Ending Finished Goods Inventory

    15600 = 8000 + purchases - 13500

    purchases = 15600 - 8000 + 13500

    purcases = 21,100

    cost of goods available for sale = 8000 + 21100 = $29,100
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