Tumbler Co. had an inventory balance of $15,250 on January 1, purchased $34,000 during the accounting period, and the cost of goods sold was $28,000. What is the ending balance in the inventory account?

Question

Business

Tamia Patel

29 March, 16:48

Tumbler Co. had an inventory balance of $15,250 on January 1, purchased $34,000 during the accounting period, and the cost of goods sold was $28,000. What is the ending balance in the inventory account?

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Answers (1)

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Josiah Rivera · Answer 1

Ending balance of inventory = $21,250

Explanation:

Given:

Opening Inventory = $15,250

Purchase during the year = $34,000

Cost of goods sold = $28,000

Ending balance of inventory = ?

Computation of Ending balance of inventory:

Cost of goods sold = Opening Inventory + Purchase during the year - Ending balance of inventory

$28,000 = $15,250 + $34,000 - Ending balance of inventory

Ending balance of inventory = $49,250 - $28,000

Ending balance of inventory = $21,250