Umberg Merchandise Company's cost of goods sold last month was $1,450,000.Merchandise Inventory at the beginning of the month was $250,000 and $325,000 at the end of the month.Umberg's merchandise purchases were:

Question

Quizplus · Accepted Answer

To find the merchandise purchases, use the formula: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold. Plugging in the values: $250,000 + Purchases - $325,000 = $1,450,000. Solving for Purchases gives $1,525,000.

Umberg Merchandise Company's Cost of Goods Sold Last Month Was