Dave's Duds reported a cost of goods sold of $2,800,000 this year. The inventory account increased by $150,000 during the year to an ending balance of $455,000. What was the cost of merchandise that Dave purchased during the year? A. $2,345,000 B. $2,650,000 C. $2,950,000 D. $3,255,000

Dave's Duds reported a cost of goods sold of $2,800,000 this year. The inventory account increased by $150,000 during the year to an ending balance of $455,000. What was the cost of merchandise that Dave purchased during the year? A. $2,345,000 B. $2,650,000 C. $2,950,000 D. $3,255,000

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 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Question

Please provide this question solution general accounting

Dave's Duds reported a cost of goods sold of $2,800,000
this year. The inventory account increased by $150,000
during the year to an ending balance of $455,000. What
was the cost of merchandise that Dave purchased during
the year?
A. $2,345,000
B. $2,650,000
C. $2,950,000
D. $3,255,000

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