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During the current year, Gomez Co. had beginning inventory of $2,400 and ending inventory of $1,200. The cost of goods sold was $9,600. What is the amount of inventory purchased during the year?

Respuesta :

Answer:

$8,400

Explanation:

The computation of the amount of inventory purchased is shown below:

As we know that

Cost of goods sold = Opening inventory + Purchase - ending inventory

where,

Cost of goods sold = $9,600

Opening inventory = $2,400

And, the ending inventory is $1,200

So, the purchase amount is

$9,600 = $2,400 + Purchase made - $1,200

$9,600 = $1,200 + Purchase made

Therefore, the purchase is $8,400

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