TangerineCo is a merchandising company that sells a variety of products. On January 1 of this...
TangerineCo is a merchandising company that sells a variety of products. On January 1 of this year, TangerineCo had a balance in inventory of $300. Throughout the year, TangerineCo made $4,610 in purchases and spent $295 in Freight-In and $115 in duties. TangerineCo also had the following income statement for the year ending December 31. What is the balance in inventory on December 31 of this year?
| Revenue | 6,100 |
| less: COGS | (4,500) |
| equals: Gross Profit | 1,600 |
| less: Operating Expenses | (600) |
| equals: Net Income | 1,000 |
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