Baxter Supplies Inc. ended the year with an inventory of $915,000. During the year, the company purchased $4,720,000 of new inventory, and the cost of goods sold reported on the income statement was $4,580,000. What was Baxter Supplies Inc.'s inventory at the beginning of the year?

Baxter Supplies Inc. ended the year with an inventory of $915,000. During the year, the company purchased $4,720,000 of new inventory, and the cost of goods sold reported on the income statement was $4,580,000. What was Baxter Supplies Inc.'s inventory at the beginning of the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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Question

What was Baxter supplies Inc's inventory at the beginning of the year on these general accounting question?

Baxter Supplies Inc. ended the year with an inventory
of $915,000. During the year, the company purchased
$4,720,000 of new inventory, and the cost of goods sold
reported on the income statement was $4,580,000.
What was Baxter Supplies Inc.'s inventory at the
beginning of the year?

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