Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was

Question

Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year?

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Rose 3 weeks 2021-11-08T20:20:42+00:00 1 Answer 0 views 0

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    2021-11-08T20:22:01+00:00

    Answer:

    Purchases made during the year is $1300.

    Step-by-step explanation:

    The beginning Inventory is reported to be $3900

    The ending inventory is reported to be $1400

    The cost of goods sold, (Sales) is reported to be $3800

    We can relate the above mentioned items using the formula

    Ending Inventory  = Beginning Inventory + Purchases – Sales

          $1400               = $3900 +  Purchases – $3800

    Therefore the amount of purchase made during the year,

    Purchases  = $1400  – $100

                       = $1300.

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