During 2010, Shockglass Company recorded inventory purchases of $45,000 and cost of goods sold of $50,000. If inventory at the beginning of the year was $15,000, the ending inventory balance must have been:

Question

Quizplus · Accepted Answer

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

During 2010, Shockglass Company Recorded Inventory Purchases of $45,000 and Cost