Asked by Turner Beard on May 12, 2024
Verified
How much was ending inventory when sales revenue was $500,000,purchases were $310,000,beginning inventory was $22,000,and gross profit was $200,000.
Sales Revenue
The income received by a company from its sales of goods or the provision of services.
Ending Inventory
The total value of a company's merchandise, goods, and products held at the end of an accounting period.
Gross Profit
The difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.
- Gain insight into the appraisal of final inventory under diverse conditions.
Verified Answer
JR
Jenna RichterMay 12, 2024
Final Answer :
Beginning inventory,$22,000 + Purchases,$310,000 - Ending inventory,$32,000 = Cost of goods sold, ($500,000 - $200,000).
Learning Objectives
- Gain insight into the appraisal of final inventory under diverse conditions.