During the current year, Gomez Company had beginning inventory of $2,500 and ending inventory of $2,100. The cost of goods sold was $4,900. What is the amount of inventory purchased during the year?

Question

Quizplus · Accepted Answer

To find the inventory purchased during the year, we can use the formula:
Inventory purchased = Cost of goods sold + Ending inventory - Beginning inventory
Substituting the given values, we get:
Inventory purchased = $4,900 + $2,100 - $2,500
Inventory purchased = $4,500
Therefore, the correct answer is choice D.

During the Current Year, Gomez Company Had Beginning Inventory of $2,500