A retail company had a balance in Inventory of $500,000 on 12/31/2012. During 2012, the company purchased $2,000,000 of new inventory. According to the point-of-sale scanners, the company sold goods costing $2,200,000 during 2012. What was the balance in Inventory on 12/31/2011?

A retail company had a balance in Inventory of $500,000 on 12/31/2012. During 2012, the company purchased $2,000,000 of new inventory. According to the point-of-sale scanners, the company sold goods costing $2,200,000 during 2012. What was the balance in Inventory on 12/31/2011?

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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