Changes in individual accounts: Suppose that the Inventory account for DaleksRUs has a beginning balance of...
- Changes in individual accounts: Suppose that the Inventory account for DaleksRUs has a beginning balance of $7,350 on May 1st, 2018. On May 5th, 2018, DaleksRUs purchased additional inventory worth $13,900 on account from suppliers. On May 13th, 2018, DaleksRUs sold inventory, which originally cost $9,405, for $17,620 in cash. Assuming there were no other transactions, what will be the ending balance of the Inventory account on May 31st, 2018?
Homework Answers
Solution:
Ending balance of inventory account on May 31, 2018 = Beginning inventory + Purchases - Cost of goods sold
= $7,350 + $13,900 - $9,405 = $11,845
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