PineappleCo is a merchandising company that sells a variety of products. On January 1 of this...
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PineappleCo is a merchandising company that sells a variety of products. On January 1 of this year, PineappleCo had a balance in inventory of $600. Throughout the year, PineappleCo made $9,230 in purchases and spent $690 in Freight-In and $210 in duties. PineappleCo also had the following income statement for the year ending December 31. What is the balance in inventory on December 31 of this year?
Revenue 14,200 less: COGS (9,700) equals: Gross Profit 4,500 less: Operating Expenses (4,100) equals: Net Income 400 5,330
10,730
130
1,030
Homework Answers
we know COGS = opening stock +purchases + direct expenses -closing stock.
here direct expenes are freight and duites totaling =(690+210) 900$.
so closing stock = opening stock+purchases +direct expenes -cogs
600+9230+900-9700 = $1030.
so option D $1030.
NOTE :Assuming ,IF frieght and duties are not considered as direct expenses then answer will be only $130. exclusive of those expenses.
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