At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September, inventory costing $85,000 was purchased on credit and has yet to be paid. Total sales were $65,000, where $13,000 was paid in cash and $52,000 was recorded to accounts receivable. The inventory sold was purchased at a cost $39,000. What was the balance of inventory at the beginning of October? (Ignore GST for this question)
At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September, inventory costing $85,000 was purchased on credit and has yet to be paid. Total sales were $65,000, where $13,000 was paid in cash and $52,000 was recorded to accounts receivable. The inventory sold was purchased at a cost $39,000. What was the balance of inventory at the beginning of October? (Ignore GST for this question)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September, inventory costing $85,000 was purchased on credit and has yet to be paid. Total sales were $65,000, where $13,000 was paid in cash and $52,000 was recorded to accounts receivable . The inventory sold was purchased at a cost $39,000. What was the balance of inventory at the beginning of October? (Ignore GST for this question)
A.110,000
B.65,000
C.71,000
D.None of the other answers
E.46,000Expert Solution
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