If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000, what is the ending inventory?

Name: If a firm's beginning inventory is $70,000, goods purchased during the period cost $260,000, and the cost of goods sold is $300,000, what is the ending inventory?
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Quizplus · Accepted Answer

The ending inventory is calculated as: Beginning Inventory + Purchases - Cost of Goods Sold = $70,000 + $260,000 - $300,000 = $30,000.

If a Firm's Beginning Inventory Is $70,000, Goods Purchased During