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pickupchik [31]
3 years ago
11

A company reported the following information for its most recent year of operation: purchases, $114,000; beginning inventory, $2

7,000; and cost of goods sold, $124,000. How much was the company's ending inventory?
Business
1 answer:
yuradex [85]3 years ago
8 0

Answer:

ending finished inventory= $17,000

Explanation:

Giving the following information:

purchases, $114,000

beginning inventory, $27,000

cost of goods sold $124,000.

<u>To calculate the ending inventory, we need to use the following formula:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

124,000 = 27,000 + 114,000 - ending finished inventory

ending finished inventory= 141,000 - 124,000

ending finished inventory= $17,000

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