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lorasvet [3.4K]
2 years ago
9

On Pine Branch Department​ Stores' most recent balance​ sheet, the balance of its inventory at the beginning of the year was $ 1

8000. At the end of the​ year, the inventory balance was $ 21500. During that​ year, its cost of goods sold was $ 61000. All purchases of inventory throughout the year were on account. What was the total of Pine Branch's purchases during the​ year? Pine Branch's total purchases during the year were $
Business
1 answer:
STatiana [176]2 years ago
7 0

Answer:

$64,500= purchases

Explanation:

Giving the following information:

beginning inventory= $18,000

Ending inventory= $21,500

Cost of goods sold= $61,000.

To calculate the purchases during the year, we need to use the following formula:

COGS= beginning inventory + purchases - ending inventory

61,000= 18,000 + purchases - 21,500

64,500= purchases

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