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Andrews Company uses the retail inventory method to value its merchandise inventory. The following information is available:
-What is Andrews' ending inventory for balance sheet purposes?

Question

Use the following information to answer questions 
Andrews Company uses the retail inventory method to value its merchandise inventory. The following information is available: 
-What is Andrews' ending inventory for balance sheet purposes?

Quizplus · Accepted Answer

Andrews' ending inventory for balance sheet purposes is $63,000. This is because the ending inventory is the value of the inventory on hand at the end of the accounting period. The cost of goods sold is the value of the inventory that was sold during the accounting period. The beginning inventory is the value of the inventory on hand at the beginning of the accounting period. The ending inventory is calculated by subtracting the cost of goods sold from the beginning inventory.

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