Carp Corporation has provided the following information for its most recent month of operation:
Sales $16,000; ending inventory $4,000,purchases $8,000 and gross profit $10,000.How much was Carp's beginning inventory?
A)$2,000
B)$18,000
C)$6,000
D)$12,000

Question

Quizplus · Accepted Answer

Sales ($16,000) - Cost of goods sold ($6,000) = Gross profit ($10,000)Beginning inventory ($2,000) + Purchases ($8,000) - Ending inventory ($4,000) = Cost of goods sold ($6,000)

Carp Corporation Has Provided the Following Information for Its Most