Given the following data, what is the cost of beginning inventory?
$\begin{array} { l r }
\text { Sales revenue } & \$ 1,450,000 \
\text { Cost of goods sold } & 845,000 \
\text { Ending inventory } & 310,000 \
\text { Purchases } & 950,000
\end{array}$

Question

Given the following data, what is the cost of beginning inventory?
$\begin{array} { l r } 
\text { Sales revenue } & \$ 1,450,000 \
\text { Cost of goods sold } & 845,000 \
\text { Ending inventory } & 310,000 \
\text { Purchases } & 950,000
\end{array}$

Quizplus · Accepted Answer

The cost of beginning inventory can be calculated using the formula: Beginning Inventory = Cost of Goods Sold + Ending Inventory - Purchases. Plugging in the given values: $845,000 + $310,000 - $950,000 = $205,000.

Given the Following Data, What Is the Cost of Beginning