Haar Inc.is a merchandising company.Last month the company's cost of goods sold was $61,000.The company's beginning merchandise inventory was $11,000 and its ending merchandise inventory was $21,000.What was the total amount of the company's merchandise purchases for the month?

Question

Quizplus · Accepted Answer

Purchases = Cost of goods sold + Ending merchandise inventory - Beginning merchandise inventory
= $61,000 + $21,000 - $11,000
= $71,000

Haar IncIs a Merchandising Company