ABC ended the year with an inventory of $822,000. During the year, the firm purchased $5,258,000 of new inventory and the cost of goods sold reported on the income statement was $5,099,000. What was ABC's inventory at the beginning of the year?

ABC ended the year with an inventory of $822,000. During the year, the firm purchased $5,258,000 of new inventory and the cost of goods sold reported on the income statement was $5,099,000. What was ABC's inventory at the beginning of the year?

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 1RE: On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount...

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Question

What was ABC's inventory at the beginning of the year?

ABC ended the year with an inventory of
$822,000. During the year, the firm
purchased $5,258,000 of new inventory
and the cost of goods sold reported on
the income statement was $5,099,000.
What was ABC's inventory at the
beginning of the year?

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