Sub. GENERAL ACCOUNT George Co. purchased an inventory of $2,200 and had an endinginventory of $200. George Co. reported the cost of goods soldamounting to $3,600.Based on this information, George Co. must have had beginninginventory amounting to:a. $2,400b. $ 1,600c. $5,800d. $ 2,000e. $ 1,200

To calculate the beginning inventory, let's use the Cost of Goods Sold (COGS) formula, which is:…

Answered: George Co. purchased an inventory of…

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 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...

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George Co. purchased an inventory of $2,200 and had an ending inventory of $200. George Co. reported the cost of goods sold amounting to $3,600. Based on this information, George Co. must have had beginning inventory amounting to: a. $2,400 b. $ 1,600 c. $5,800 d. $ 2,000 e. $ 1,200