During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $43000. If the company’s cost of...
During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $43000. If the company’s cost of goods sold for the year was $900000, purchases would have been
Homework Answers
Let beginning inventory=100,000
Hence ending inventory=(100,000-43000)=$57000
Cost of goods sold=Beginning inventory+Purchases-Ending inventory
900000=100,000+Purchases-57000
Purchases=900000+57000-100,000
=$857000
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