Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing...

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Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,500 of common sto

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Answer 1

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Inventory balance
*Year 1*
Beginning	$0
[1]	$0
[2]	$8,100
[3]	($5,500)
[4]	$0
Ending	$2,600
*Year 2*
Beginning	$2,600
[1]	$11,800
[2]	($9,700)
[3]	$0
Ending balance	$4,700

· The balance of inventory account on Dec 31, Year 2 = $ 4700

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Answer 2

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