For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000

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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For the year, your company's sales are $305,000, the gross
profit is $250,000, and the ending inventory is $75,000. If net
purchases are $100,000, the beginning inventory must have
been:
a. $30,000
b. $55,000
c. $85,000
d. $120,000
Transcribed Image Text:For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000
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