A company provided the following data:
Sales,$500,000; beginning inventory,$40,000; ending inventory,$45,000; and gross margin,$150,000.What was the amount of inventory purchased during the year?
A)$370,000
B)$355,000
C)$348,000
D)$341,000

Question

Quizplus · Accepted Answer

Sales ($500,000) - Cost of goods sold ($350,000) = Gross margin ($150,000)Cost of goods sold ($350,000) = Beginning inventory ($40,000) + Purchases ($355,000) - Ending inventory ($45,000)

A Company Provided the Following Data