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60) Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? OC) $10,000. OD) $50,000. OB) $30,000. OA) $20,000.

60) Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? OC) $10,000. OD) $50,000. OB) $30,000. OA) $20,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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60) Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? C) $10,000. D) $50,000. B) $30,000. OA) $20,000.
Transcribed Image Text:60) Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? C) $10,000. D) $50,000. B) $30,000. OA) $20,000.
92) Which of the following is considered cash for financial reporting purposes? O C) Checks received from customers. O B) Investments with maturity dates greater than three months. OD) Accounts payable. OA) Accounts receivable.
Transcribed Image Text:92) Which of the following is considered cash for financial reporting purposes? O C) Checks received from customers. O B) Investments with maturity dates greater than three months. OD) Accounts payable. OA) Accounts receivable.
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