Miami Company's beginning and ending inventory amounts were $80,000 and $120,000, respectively.Cost of goods sold was $520,000.Miami Company purchased _____ of inventory.

Question

Quizplus · Accepted Answer

To find the amount of inventory purchased, you can use the formula: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold. Plugging in the given values: $80,000 + Purchases - $120,000 = $520,000. Solving for Purchases gives you $560,000.

Miami Company's Beginning and Ending Inventory Amounts Were $80,000 and $120,000