During 2008,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

The ending inventory can be calculated using the formula: Beginning Inventory + Purchases - Cost of Goods Sold = Ending Inventory. Plugging in the values: $15,000 + $45,000 - $50,000 = $10,000.

During 2008,Shockglass Company Recorded Inventory Purchases of $45,000 and Cost