A company reported the following information for its most recent year of operation: purchases,$100,000;beginning inventory,$20,000;and cost of goods sold,$110,000.How much was the company's ending inventory?
A)$10,000.
B)$20,000.
C)$15,000.
D)$30,000.

Question

Quizplus · Accepted Answer

The ending inventory can be calculated using the formula: Ending Inventory = Beginning Inventory + Purchases - Cost of Goods Sold. Plugging in the values: $20,000 + $100,000 - $110,000 = $10,000.

A Company Reported the Following Information for Its Most Recent