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1 March, 14:51

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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  1. 1 March, 16:17
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    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
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