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Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of Purchases 33,750 Ending Inventory ? Cost of Goods Sold 31,050 What is Brill Company's Ending Inventory for the year?

Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of Purchases 33,750 Ending Inventory ? Cost of Goods Sold 31,050 What is Brill Company's Ending Inventory for the year?

FINANCIAL ACCOUNTING
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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Brill Company reported the following year-end amounts: | Item | Amount | |--------------------------|----------| | Beginning Inventory | $7,650 | | Net Cost of Purchases | $33,750 | | Ending Inventory | ? | | Cost of Goods Sold | $31,050 | **Question:** What is Brill Company’s Ending Inventory for the year? **Select one:** - a. $2,700 - b. $4,950 - c. $10,350 - d. $7,650 **Explanation:** To find the ending inventory, use the formula: Ending Inventory = Beginning Inventory + Net Cost of Purchases - Cost of Goods Sold Substitute the given numbers: Ending Inventory = $7,650 + $33,750 - $31,050 Calculate to find the correct option.
Transcribed Image Text:Brill Company reported the following year-end amounts: | Item | Amount | |--------------------------|----------| | Beginning Inventory | $7,650 | | Net Cost of Purchases | $33,750 | | Ending Inventory | ? | | Cost of Goods Sold | $31,050 | **Question:** What is Brill Company’s Ending Inventory for the year? **Select one:** - a. $2,700 - b. $4,950 - c. $10,350 - d. $7,650 **Explanation:** To find the ending inventory, use the formula: Ending Inventory = Beginning Inventory + Net Cost of Purchases - Cost of Goods Sold Substitute the given numbers: Ending Inventory = $7,650 + $33,750 - $31,050 Calculate to find the correct option.
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