Wilburn Company reported the following data at year-end: Sales, $100,000; Beginning inventory, $8,000; Ending inventory, $6,000; Cost of goods sold, $60,000; and Gross margin, $40,000. What was the amount of merchandise purchases for the year?
A) $40,000
B) $46,000
C) $58,000
D) $68,000

Question

Quizplus · Accepted Answer

Calculation: $8,000 + 58,000 - 6,000 = $60,000.

Wilburn Company Reported the Following Data at Year-End: Sales, $100,000;