Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2.During the year 20X2, the corporation purchased additional inventory of $375,000.If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2?
A)$55,000
B)$245,000
C)$255,000
D)$310,000
E)None of the above

Question

Quizplus · Accepted Answer

The Answer is B

Stone Pine Corporation, a Calendar Year Taxpayer, Has Ending Inventory