The amount of ending inventory A company updates its inventoryperpetually.inventoryItsbeginningis $48,000, goodspurchased during the period cost$145,000, and the cost of goods soldfor the period is $160,000. What isof the endingthe amountinventory?

Explanation of Ending Inventory:Ending Inventory refers to the total value of goods that remain…

Answered: A company updates its inventory…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...

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Similar questions

Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Sales
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Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
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A company updates its inventory perpetually. inventory Its beginning is $48,000, goods purchased during the period cost $145,000, and the cost of goods sold for the period is $160,000. What is of the ending the amount inventory?