Bach Co. had an inventory balance of $15,250 on January 1, purchased $34,000 during the accounting period, and the cost of goods sold was $28,000. What is the ending balance in the inventory account?

Question

Quizplus · Accepted Answer

Ending inventory can be calculated by subtracting cost of goods sold from the sum of beginning inventory and purchases:

Beginning inventory + Purchases - Cost of goods sold = Ending inventory

Thus, the ending inventory for Bach Co. would be:

$15,250 + $34,000 - $28,000 = $21,250

Therefore, the best choice is A, $21,250.

Bach Co Had an Inventory Balance of $15,250 on January 1