Auto's Body Shop had the following costs associated with new inventory purchases for the month of January: • New inventory purchases $6,000 Shipping costs incurred $724 • Purchase discounts taken $200 If the beginning balance in the inventory account is a $1,000 debit, what is the new balance in the inventory account after considering the new purchases?

Auto's Body Shop had the following costs associated with new inventory purchases for the month of January: • New inventory purchases $6,000 Shipping costs incurred $724 • Purchase discounts taken $200 If the beginning balance in the inventory account is a $1,000 debit, what is the new balance in the inventory account after considering the new purchases?

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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