Murray Motors had the following results in January. Cost of goods sold during January: $82,100 Sales Revenue during January: $175,000 Inventory balance, January 31: 36,800 January purchases of inventory: $67,300 Based on this information, what must have been the balance in inventory on January 1 (the beginning of the period)? A. 12000 B. 51600 C. 82100 D.107000

Murray Motors had the following results in January. Cost of goods sold during January: $82,100 Sales Revenue during January: $175,000 Inventory balance, January 31: 36,800 January purchases of inventory: $67,300 Based on this information, what must have been the balance in inventory on January 1 (the beginning of the period)? A. 12000 B. 51600 C. 82100 D.107000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods

Section: Chapter Questions

Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...

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