Answered: If Cost of goods sold is $145,000 and…

If Cost of goods sold is $145,000 and the beginning and ending Inventory balances are $18,000 and $13,000, respectively, inventory purchases equal: A) $132,000 B) $150,000 C) $140,000 D) $145,000

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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If Cost of goods sold is $145,000 and the beginning
and ending Inventory balances are $18,000 and
$13,000, respectively, inventory purchases equal:
A) $132,000
B) $150,000
C) $140,000
D) $145,000

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