Lee's Golf Shop on May 31 has the following transaction totals:
Sales $11,000
HST Collected 1,600
Sales Returns and Allowances 1,000
Opening Inventory 8,000
HST Paid 1,090
Cost of Freight In 500
Purchases during the period 1,000
Purchases discounts received 600
Cost of Goods Sold 2,500
Based on the above, ending Inventory for the period is

Question

Lee's Golf Shop on May 31 has the following transaction totals: 
Sales         $11,000
HST Collected        1,600
Sales Returns and Allowances        1,000
Opening Inventory        8,000
HST Paid        1,090
Cost of Freight In        500
Purchases during the period        1,000
Purchases discounts received        600
Cost of Goods Sold        2,500
Based on the above, ending Inventory for the period is

Quizplus · Accepted Answer

Ending Inventory is calculated as Opening Inventory + Purchases - Purchases Discounts + Freight In - Cost of Goods Sold = $8,000 + $1,000 - $600 + $500 - $2,500 = $6,400.

Lee's Golf Shop on May 31 Has the Following Transaction