TOKYO ended the year with an inventory of $935,000. During the year, the firm purchased $6,378,000 of new inventory and the cost of goods sold reported on the income statement was $6,109,000. What was TOKYO's inventory at the beginning of the year?

TOKYO ended the year with an inventory of $935,000. During the year, the firm purchased $6,378,000 of new inventory and the cost of goods sold reported on the income statement was $6,109,000. What was TOKYO's inventory at the beginning of the year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

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