TNT Inc.had an inventory balance of $21,000 on January 1,and $23,500 on December 31.The cost of goods sold during the period was $27,250.What is the purchase amount?

Question

Quizplus · Accepted Answer

The purchase amount can be calculated using the formula: Purchases = Ending Inventory - Beginning Inventory + Cost of Goods Sold. So, Purchases = $23,500 - $21,000 + $27,250 = $29,750.

TNT IncHad an Inventory Balance of $21,000 on January 1,and $23,500