Up-a-Creek Company had ending inventory of $60,000,purchases of $200,000,beginning accounts payable of $100,000,ending accounts payable of $80,000 and cost of goods sold of $150,000.What was the amount of beginning inventory?

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Quizplus · Accepted Answer

Beginning inventory = Purchases + Beginning accounts payable - Ending accounts payable - Cost of goods sold - Ending inventory= $200,000 + $100,000 - $80,000 - $150,000 - $60,000= $10,000

Up-A-Creek Company Had Ending Inventory of $60,000,purchases of $200,000,beginning Accounts