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

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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