During 2018,Shockglass Company recorded inventory purchases of $45,000 and cost of goods sold of $50,000.If inventory at the beginning of the year was $15,000,the ending inventory balance must have been:

Question

Quizplus · Accepted Answer

Beginning inventory + Purchases = Goods available for sale - Cost of Goods Sold = Ending inventory BI + P = GAFS - COGS = EI
$15,000 + $45,000 = $60,000 - $50,000 = $10,000.

During 2018,Shockglass Company Recorded Inventory Purchases of $45,000 and Cost