Retail Company reported the following amounts on its 20B income statement: Purchases, $45,000; Beginning 20B inventory, $15,000; and Cost of goods sold, $50,000. What was the 20B ending inventory?

Question

Quizplus · Accepted Answer

To find the ending inventory, use the formula: Ending Inventory = Beginning Inventory + Purchases - Cost of Goods Sold. Plugging in the values: $15,000 + $45,000 - $50,000 = $10,000.

Retail Company Reported the Following Amounts on Its 20B Income