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Kryger [21]
3 years ago
6

Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2018. During the year, the co

rporation purchased additional inventory of $415,000. If cost of goods sold for 2018 is $470,000, what was the beginning inventory at January 1, 2018?
Business
1 answer:
bezimeni [28]3 years ago
3 0

Answer:

The answer is $215,000

Explanation:

Cost of goods sold equal:

Opening/beginning inventory plus purchases minus closing/ending inventory

To find beginning inventory at January 1, 2018, lets rearrange the formula:

Cost of goods sold minus plus purchases plus closing/ending inventory.

Cost of sales is $470,000

Purchases is $415,000

Ending inventory is $160,000

Therefore, beginning inventory at January 1, 2018 is

$470,000 - $415,000 + $160,000

=$215,000

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You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $50
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Answer and Explanation:

The computation is shown below:

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= $500,000 + $1,000,000

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