Sheridan's beginning inventory is $140,000,goods purchased during the period cost $480,000,and the cost of goods sold for the period is $560,000.What is the amount of its ending inventory?

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning inventory + Purchases − Ending inventory
Ending inventory = Beginning inventory + Purchases − Cost of goods sold
= $140,000 + $480,000 − $560,000 = $60,000

Sheridan's Beginning Inventory Is $140,000,goods Purchased During the Period Cost