Homework Answers
*Option(D). $150 is the correct answer.
Given,
*Cost of Beginning Inventory = $30;
*Cost of Purchase = x;
*Cost of Beginning Inventory = $30;
*Cost of Goods Sold = $140.
Formula:
*Cost of goods sold= Cost of Beginning Inventory + Cost of Purchases - Cost of Ending Inventory;
* $140 = $30 +$x - $40;
*-$x = $30 - $140 - $40;
*$x = $150.
Cost of Purchase (x)= $150.
**Purchases of new merchandise during the period = $150.
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