Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415,000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Joe's Grocery Store, a calendar year taxpayer, had
ending inventory of $160,000 on December 31st of the
tax year. During the year, the store purchased additional
inventory of $415,000. If cost of goods sold for the year
was $470,000, what was the beginning inventory?
A. $55,000.
B. $215,000.
C. $255,000.
D. $310,000.
Transcribed Image Text:Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415,000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.
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