A company\'s cost of goods sold was $5,200. Determine net purchases and ending i

Question

A company's cost of goods sold was $5,200. Determine net purchases and ending inventory given goods available for sale were $12,800 and beginning inventory was $6,200. Net Purchases: $11,400; ending inventory: $6,600 Net Purchases: $11,800; ending inventory: $18,000 Net Purchases: $6,600; ending inventory: $7,600 Net Purchases: $18,000; ending inventory: $7,600 Net Purchases: $19,000; ending inventory: $24,200 Net Purchases: $11,400; ending inventory: $6,600 Net Purchases: $11,800; ending inventory: $18,000 Net Purchases: $6,600; ending inventory: $7,600 Net Purchases: $18,000; ending inventory: $7,600 Net Purchases: $19,000; ending inventory: $24,200 Net Purchases: $11,400; ending inventory: $6,600 Net Purchases: $11,800; ending inventory: $18,000 Net Purchases: $6,600; ending inventory: $7,600 Net Purchases: $18,000; ending inventory: $7,600 Net Purchases: $19,000; ending inventory: $24,200

Explanation / Answer

beginning inventory +net purchases = goods available for sale

net purchases = $12,800-$6,200= $6600

beginning inventory +net purchases = cost of goods sold +ending inventory

12,800 =5,200 +ending inventory

ending inventory =$7,600

Net Purchases: $6,600; ending inventory: $7,600

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