Problem

At the end of last year, Helen’s, Inc. had merchandise costing $115,000 in inventory.  Dur...

At the end of last year, Helen’s, Inc. had merchandise costing $115,000 in inventory.  During January of the current year, the company purchased merchandise costing $35,000, and sold merchandise which it had purchased at a total cost of $55,000.

Based upon the above information, place the best answer in the space provided.  In questions 1 through 3, assume that Helen’s uses a perpetual inventory system.

The balance in the Inventory account at January 31 was:

a $35,000. c $95,000.

b $205,000. d Some other answer.

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Solutions For Problems in Chapter 6