4- At the beginning of the financial year a business has SR1,500 of inventory left over from the preceding accounting period. During the year it purchases additional goods costing SR10,000. Cost of goods sold is SR11,100. How much is the ending inventory? a) SR400= SR1,500+ SR10,000-SR11,100 b) SR100= SR11,100-SR10,000 c) SR9,600=SR11,100-SR1,500 d) SR22,600= SR1,500 + SR10,000+ SR11,100 5- Beginning inventory is SR20,000. Purchases amount to SR140,000. Ending inventory is SR5,000. How much is cost of sales? a) d) SR155,000 SR160,000 SR145,000 SR165,000

4- At the beginning of the financial year a business has SR1,500 of inventory left over from the preceding accounting period. During the year it purchases additional goods costing SR10,000. Cost of goods sold is SR11,100. How much is the ending inventory? a) SR400= SR1,500+ SR10,000-SR11,100 b) SR100= SR11,100-SR10,000 c) SR9,600=SR11,100-SR1,500 d) SR22,600= SR1,500 + SR10,000+ SR11,100 5- Beginning inventory is SR20,000. Purchases amount to SR140,000. Ending inventory is SR5,000. How much is cost of sales? a) d) SR155,000 SR160,000 SR145,000 SR165,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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