A company reported the following information for its most recent year of operation: purchases, $100,000; beginning inventory, $20,000; and cost of goods sold, $110,000. How much was the company's ending inventory? A) $10,000. B) $20,000. C) $15,000. D) $30,000.

A company reported the following information for its most recent year of operation: purchases, $100,000; beginning inventory, $20,000; and cost of goods sold, $110,000. How much was the company's ending inventory? A) $10,000. B) $20,000. C) $15,000. D) $30,000.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Question

100%

A company reported the following information for its most
recent year of operation: purchases, $100,000; beginning
inventory, $20,000; and cost of goods sold, $110,000. How
much was the company's ending inventory?
A) $10,000.
B) $20,000.
C) $15,000.
D) $30,000.

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