Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

Exercise 14

Yang Min Inc. is a retailer of contemporary furniture. You are told that Yang Min's ending inventory is $200,000 and its cost of goods sold is $500,000. Yang Min had $100,000 of inventory at the beginning of the year. What was the dollar amount of goods purchased by Yang Min during the year?