Chapter 8, Problem 8.3BE

Can you help me solve this general accounting problem with the correct methodology?

general accounting

TOSHIBA ended the year with an inventory of $842,000. During the year, the firm purchased $5,467,000 of new inventory and the cost of goods sold reported on the income statement was $5,215,000. What was TOSHIBA's inventory at the beginning of the year?

Can you solve this general accounting question with accurate accounting calculations?

On January 1, 2011, Phoenix Manufacturing purchased for $875,000, equipment having a useful life of eight years and an estimated salvage value of $67,500. Phoenix has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2018, the equipment was sold for $158,000. As a result of this sale, Phoenix Manufacturing should recognize a gain of___. Help me with this

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Can you help me solve this general accounting question using the correct accounting procedures?

None

Please provide the solution to this general accounting question using proper accounting principles.