Homework Answers
The debits and credits posted to the Inventory account caused it to decrease by $10,500. (answer)
_____
Explanation:
The value of inventory at the end of the year is calculated as below:
Value of Ending Inventory = Opening Balance of Inventory + Total Debits - Total Credits = 69,000 + 45,500 - 56,000 = $58,500
Now, we can determine the value of change in inventory as follows:
Change (Decrease) in Inventory Value = Value of Ending Inventory - Value of Opening Inventory = 58,500 - 69,000 = -$10,500
As can be seen from the above calculations, the value of inventory has decreased by $10,500 because of debits and credits posted to the inventory account.
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