The following information for the year Year 1 is taken from the accounts of Tuttle Company. The company uses the periodic inventory method. Based on this information, the inventory at December 31, Year 21 is:

Question

The following information for the year Year 1 is taken from the accounts of Tuttle Company. The company uses the periodic inventory method.  Based on this information, the inventory at December 31, Year 21 is:

Quizplus · Accepted Answer

$16,000 beginning inventory + $80,000 purchases - $1,200 purchase returns and allowances - $800 purchase discounts + $3,200 transportation-in - $56,800 cost of goods sold = $40,400

The Following Information for the Year Year 1 Is Taken