A company reported the following information for its most recent year of operation: purchases, $90,000; beginning inventory, $18,000; and cost of goods sold, $98,000. How much was the company's ending inventory? a. $10,000 b. $12,000 c. $18,000 d. $8,000

A company reported the following information for its most recent year of operation: purchases, $90,000; beginning inventory, $18,000; and cost of goods sold, $98,000. How much was the company's ending inventory? a. $10,000 b. $12,000 c. $18,000 d. $8,000

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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Please explain the solution to this general accounting problem with accurate principles.

A company reported the following information for its
most recent year of operation: purchases, $90,000;
beginning inventory, $18,000; and cost of goods sold,
$98,000. How much was the company's ending
inventory?
a. $10,000
b. $12,000
c. $18,000
d. $8,000

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