From the following information, determine the amount of ending inventory.

Name: From the following information, determine the amount of ending inventory.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The ending inventory can be calculated as the beginning inventory plus purchases minus cost of goods sold. In this case, beginning inventory is $7,000, purchases is $29,000, and cost of goods sold is $3,000 + $10,000 = $13,000. Therefore, ending inventory is $7,000 + $29,000 - $13,000 = $33,000.

From the Following Information, Determine the Amount of Ending Inventory