Goshen City acquires $36,000 of inventory on November 1,20X5,having held no inventory previously.On December 31,20X5,the end of Goshen City's fiscal year,a physical count shows $7,000 still in stock.During 20X6,$5,000 of this inventory is used,resulting in a $2,000 remaining balance of supplies on December 31,20X6.
-Based on the preceding information,which of the following would be the correct account balances for 20X5 if Goshen City used the purchase method of accounting for inventories?

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The Answer of Goshen City acquires $36,000 of inventory on November 1,20X5,having held no inventory previously.On December 31,20X5,the end of Goshen City's fiscal year,a physical count shows $7,000 still in stock.During 20X6,$5,000 of this inventory is used,resulting in a $2,000 remaining balance of supplies on December 31,20X6.
-Based on the preceding information,which of the following would be the correct account balances for 20X5 if Goshen City used the purchase method of accounting for inventories?

Goshen City Acquires $36,000 of Inventory on November 1,20X5,having Held