Shockglass Company had a beginning inventory of $16,000. During theyear, the company recorded inventory purchases of $55,000 and a costof goods sold of $52,000.The ending inventory is:A. $28,000B. $27,000C. $19,000D. $26,000

Step 1: Formula for Ending InventoryThe formula for ending inventory in a periodic inventory system…

Answered: Shockglass Company had a beginning…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Shockglass Company had a beginning inventory of $16,000. During the year, the company recorded inventory purchases of $55,000 and a cost of goods sold of $52,000. The ending inventory is: A. $28,000 B. $27,000 C. $19,000 D. $26,000