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EA6.
LO 4.3Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?

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ijaz4308

Answer:

$750

Explanation:

The formula for determination of beginning inventory is given below:

Cost of goods sold=opening inventory+purchases-closing inventory

Cost of goods sold=$2,000

Purchases=$2,250

closing inventory=$1,000

Opening inventory=Cost of goods sold+closing inventory-purchases

                             =2,000+1,000-2,250

                             =$750

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