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il63 [147K]
3 years ago
9

Bach Co. had an inventory balance of $15,250 on January 1, purchased $34,000 during the accounting period, and the cost of goods

sold was $28,000. What is the ending balance in the inventory account (the cost of ending inventory)
Business
1 answer:
Nikitich [7]3 years ago
7 0

Answer:

$21,250

Explanation:

Calculation to determine the ending balance in the inventory account

Using this formula

Cost of goods sold =​ Opening Inventory + Purchase during the year - Ending balance of inventory

Let plug in the formula

$28,000 = $15,250 + $34,000 - Ending balance of inventory

Ending balance of inventory = $49,250 - $28,000

Ending balance of inventory = $21,250

Therefore the ending balance in the inventory account is $21,250

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