The company has beginning inventory for the year of $50,000, during the year cost of goods sold was $725,000 and the company's ending inventory equals $32,000. What were purchases for the year? O $775,00O O $707,00O O $757,000 O $743,00O

The company has beginning inventory for the year of $50,000, during the year cost of goods sold was $725,000 and the company's ending inventory equals $32,000. What were purchases for the year? O $775,00O O $707,00O O $757,000 O $743,00O

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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The company has beginning inventory for the year of $50,000, during the year cost of goods sold was
$725,000 and the company's ending inventory equals $32,000. What were purchases for the year?
O $775,00O
O $707,00O
O $757,000
O $743,00O

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