The following account balances (normal balances) were taken from the journal entry used to transfer various merchandise accounts under a periodic inventory system into the Cost of Goods Sold account:
Based on the above facts, what was ending inventory?
A) $21,000
B) $45,600
C) $38,000
D) $37,900

Question

The following account balances (normal balances) were taken from the journal entry used to transfer various merchandise accounts under a periodic inventory system into the Cost of Goods Sold account:
 Based on the above facts, what was ending inventory?
A) $21,000 
B) $45,600 
C) $38,000 
D) $37,900

Quizplus · Accepted Answer

($62,500 + $214,000 - $4,500 - $5,700 + $6,700) - $235,000 = $38,000

The Following Account Balances (Normal Balances) Were Taken from the Journal