Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang &...
Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min's ending inventory is $200,000 and its cost of goods sold is $500,000. Yang & Min had $100,000 of inventory at the beginning of the year.
What was the dollar amount of goods purchased by Yang & Min during the year? Please solve for P. Not just show the equation.
Homework Answers
Given ,
Ending Inventory = $200,000
Cost of Goods Sold = $500,000
Beginning Inventory = $100,000
To solve the given question , we need to use the following Equation
-
Cost of Goods Sold = Beginning Inventory + Purchases -
Ending Inventory
i.e.
Purchases = Cost of Goods Sold - Beginning Inventory + Ending
Inventory
Let the amount of goods purchased be P for the
given question.
Putting values in the above equation,
$500,000 = $100,000 + P - $200,000
P = $500,000 - $100,000 + $200,000
P = $600,000
Therefore , the amount of goods purchased by Yang & Min during the year is $600,000.
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