Answered: Falcon Suppliers had the following…

Falcon Suppliers had the following data: Beginning inventory = $100,000 Purchases = $420,000 Purchase returns = $20,000 Cost of Goods Sold = $460,000 What is the ending inventory?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Question

Please provide the correct answer to this general accounting problem using accurate calculations.

Falcon Suppliers had the following data:
Beginning inventory = $100,000
Purchases = $420,000
Purchase returns = $20,000
Cost of Goods Sold = $460,000
What is the ending inventory?

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