QUESTION 8 Abrusy Associates uses a perpetual inventory system. The beginning balance in its Inventory account is $1,000, and the ending balance is $2,000. Cost of goods sold is $7,000. What was the amount of inventory purchased during the year? O a. $500 O b.$7,000 c. $8,000 O d. $7,500
QUESTION 8 Abrusy Associates uses a perpetual inventory system. The beginning balance in its Inventory account is $1,000, and the ending balance is $2,000. Cost of goods sold is $7,000. What was the amount of inventory purchased during the year? O a. $500 O b.$7,000 c. $8,000 O d. $7,500
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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