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If a firm's beginning inventory is $20,000, purchases are $110,000, and the cost of goods sold is $100,000, what is its ending inventory? a $10,000 b. $130,000 c. $30,000 d. $120,000

If a firm's beginning inventory is $20,000, purchases are $110,000, and the cost of goods sold is $100,000, what is its ending inventory? a $10,000 b. $130,000 c. $30,000 d. $120,000

College Accounting, Chapters 1-27
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 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...
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If a firm's beginning inventory is $20,000, purchases are $110,000, and the cost of goods sold is $100,000, what is its ending inventory? a $10,000 b. $130,000 c. $30,000 d. $120,000
Transcribed Image Text:If a firm's beginning inventory is $20,000, purchases are $110,000, and the cost of goods sold is $100,000, what is its ending inventory? a $10,000 b. $130,000 c. $30,000 d. $120,000
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