Broad, Inc. had a beginning inventory of $50,000 and an ending inventory of $80,000. Its Cost...
Broad, Inc. had a beginning inventory of $50,000 and an ending inventory of $80,000. Its Cost of Goods
Sold for the year was $970,000. What was the amount of purchases that it made for the year?
A.
$940,000
B.
$1,000,000
C.
$1,050,000
D. $1,060,000
Homework Answers
Ans B) $ 1,000,000
COST OF GOODS SOLD = SALES + ENDING INVENTORY - BEGINNING INVENTORY
= 970000 + 80000 - 50000
= 1000000
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