Linh Do Accounting Company has a beginning balance in its inventory account of $13,285 and the ending balance is $7,942. Cost of goods sold is $55,697. According to the cost of goods sold model, what was the amount of inventory purchased during the year?

(Note: Please do not put $ sign in your answer!)

Question

Linh Do Accounting Company has a beginning balance in its inventory account of $13,285 and the ending balance is $7,942. Cost of goods sold is $55,697. According to the cost of goods sold model, what was the amount of inventory purchased during the year?

(Note: Please do not put $ sign in your answer!)

BlackTom AI · Accepted Answer

To determine the inventory purchased during the year, start from the cost of goods sold (COGS) framework: Beginning Inventory + Purchases - COGS = Ending Inventory.

We are given:
- Beginning Inventory = 13,285
- Ending Inventory = 7,942
- COGS = 55,697

Rearranging the equation to solve for Purchases: Purchases = COGS + Ending Inventory − Beginning Inventory.

Compute the values step by step:
1) COGS + Ending Inventory = 55,697 + 7,942 = 63,639
2) Subtract Beginning Inventory: 63,639 − 13,285 = 50,354

Therefore, the amount of inventory purchased during the year is 50,354. Ensure you report the number without a dollar sign, as requested.

BACC012 Online Quiz- Week 6 | LA006

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