Apex Industries ended the year with an inventory of $1,050,000. During the year, the company purchased $4,400,000 of new inventory, and the cost of goods sold reported on the income statement was $4,250,000. What was Apex Industries' inventory at the beginning of the year?

Apex Industries ended the year with an inventory of $1,050,000. During the year, the company purchased $4,400,000 of new inventory, and the cost of goods sold reported on the income statement was $4,250,000. What was Apex Industries' 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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Question

Can you explain the process for solving this General accounting question accurately?

Apex Industries ended the year with an inventory of $1,050,000.
During the year, the company purchased $4,400,000 of new
inventory, and the cost of goods sold reported on the income
statement was $4,250,000.
What was Apex Industries' inventory at the beginning of the
year?

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