My Subscriptions / Courses / ACC211:Session B-Principles of Financial Accounting

Question

My Subscriptions / Courses / ACC211:Session B-Principles of Financial Accounting / Chapter 4 / Exam -Wee CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 7 Not answered Points out of 1.00P Flag questiorn Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Hermani started the period with $120,000 in inventory. The Company purchased an additional $150,000 of merchandise and returned $18,000 for a full credit. If Hermani's cost of goods sold during the period was $210.000, what must have been the total of the physical inventory count?

Explanation / Answer

Calculate ending inventory :

Ending inventory = Beginning inventory+purchase-purchase return-cost of goods sold

                          = 120000+150000-18000-210000

Ending inventory = 42000

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.