The opening value of the book inventory today was $900. The Receiving Clerk's Daily Report shows direct purchases of $100 and stores purchases of $500. Issues for the day total $600. Given this information, calculate closing book inventory.

Question

Quizplus · Accepted Answer

The closing book inventory is calculated by adding the purchases to the opening value and then subtracting the issues. So, $900 (opening value) + $100 (direct purchases) + $500 (stores purchases) - $600 (issues) = $900.

The Opening Value of the Book Inventory Today Was $900