Taylor Company had beginning inventory of $830 and ending inventory of $1,200. Taylor Company had cost of goods sold amounting to $2,610. What is the amount of inventory that was purchased during the period?

Question

Quizplus · Accepted Answer

The amount of inventory purchased during the period can be calculated using the formula: Purchases = Ending Inventory - Beginning Inventory + Cost of Goods Sold. Thus, Purchases = $1,200 - $830 + $2,610 = $2,980.

Taylor Company Had Beginning Inventory of $830 and Ending Inventory