Richard Company's financial records report beginning inventory of $543,000; ending inventory of $699,000; and cost of goods sold of $1,387,000. What is the amount of purchases? Group of answer choices $1,543,000 $1,242,000 $844,000 $2,086,000

Richard Company's financial records report beginning inventory of $543,000; ending inventory of $699,000; and cost of goods sold of $1,387,000. What is the amount of purchases? Group of answer choices $1,543,000 $1,242,000 $844,000 $2,086,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Richard Company's financial records report beginning inventory of $543,000; ending inventory of $699,000; and cost of goods sold of $1,387,000. What is the amount of purchases?

Group of answer choices

$1,543,000

$1,242,000

$844,000

$2,086,000

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