Problem

Neel&Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at...

Neel&Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the beginning of the year was $300,000; Neel&Neal purchased $250,000 of goods during January, and sales during January were $400,000. What is the balance that would appear in Neel&Seal’s inventory account on February l assuming use of a periodic inventory system?

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