If Cost of goods sold is $145,000 and the beginning and ending Inventory balances are $18,000 and $13,000, respectively, the net purchases of inventory are:
A) $145,000
B) $140,000
C) $150,000
D) $132,000

Question

Quizplus · Accepted Answer

Net purchases of inventory = Cost of goods sold + ending inventory - beginning inventory
Net purchases of inventory = $145,000 + $13,000 - $18,000
Net purchases of inventory = $140,000

If Cost of Goods Sold Is $145,000 and the Beginning