During the year, Slick's Pet Shop's inventory decreased by $25,000. If the company's cost of goods sold for the year was $500,000, purchases must have been: A. $475,000. B. $500,000. C. $525,000. D. Unable to determine.
During the year, Slick's Pet Shop's inventory decreased by $25,000. If the company's cost of goods sold for the year was $500,000, purchases must have been: A. $475,000. B. $500,000. C. $525,000. D. Unable to determine.
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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Transcribed Image Text:During the year, Slick's Pet Shop's inventory
decreased by $25,000. If the company's cost
of goods sold for the year was $500,000,
purchases must have been:
A. $475,000.
B. $500,000.
C. $525,000.
D. Unable to determine.
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