Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 2015. During the year, the corporation purchased additional inventory of $375,000. If cost of goods sold for 2015 is $470,000, what was the beginning inventory at January 1, 2015?

Question

Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 2015. During the year, the corporation purchased additional inventory of $375,000. If cost of goods sold for 2015 is $470,000, what was the beginning inventory at January 1, 2015? ​

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The Answer of Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 2015. During the year, the corporation purchased additional inventory of $375,000. If cost of goods sold for 2015 is $470,000, what was the beginning inventory at January 1, 2015? ​

Stone Pine Corporation, a Calendar Year Taxpayer, Has Ending Inventory