What would be the amount appearing on the December 31, 2018 Consolidated Statement of Financial Position for inventories?

Question

Quizplus · Accepted Answer

The correct answer is A because the December 31, 2018 Consolidated Statement of Financial Position would show $295,000 for inventories. This is because the beginning inventory was $290,000, and the company purchased $300,000 of inventory during the year. The company also sold $295,000 of inventory during the year, so the ending inventory is $295,000.

What Would Be the Amount Appearing on the December 31