A company reported the following information for its most recent year of operation: purchases, $118,000; beginning...
A company reported the following information for its most recent year of operation: purchases, $118,000; beginning inventory, $29,000; and cost of goods sold, $128,000. How much was the company's ending inventory?
Homework Answers
Ending Inventory = $19000
Working
| Calculation of Ending Inventory | |
| Beginning inventory | $ 29,000.00 |
| Purchases | $ 118,000.00 |
| Total Inventory available | $ 147,000.00 |
| Less: Cost of goods sold | $ 128,000.00 |
| Ending Inventory | $ 19,000.00 |
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