TechStyle Inc. reported a Cost of Goods Sold (COGS) of $4,500,000 for the fiscal year. The inventory account decreased by $220,000 during the year to an ending balance of $780,000. What was the cost of merchandise purchased during the year? a) $3,500,000 b) $4,060,000 c) $4,280,000 d) $4,940,000

TechStyle Inc. reported a Cost of Goods Sold (COGS) of $4,500,000 for the fiscal year. The inventory account decreased by $220,000 during the year to an ending balance of $780,000. What was the cost of merchandise purchased during the year? a) $3,500,000 b) $4,060,000 c) $4,280,000 d) $4,940,000

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 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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TechStyle Inc. reported a Cost of Goods Sold (COGS) of $4,500,000 for the
fiscal year. The inventory account decreased by $220,000 during the year to
an ending balance of $780,000. What was the cost of merchandise purchased
during the year?
a) $3,500,000
b) $4,060,000
c) $4,280,000
d) $4,940,000

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