Practice Questions, Question 16 Teal Corporation uses the periodic inventory sys

Question

Practice Questions, Question 16 Teal Corporation uses the periodic inventory system to record its inventory. The following information was available for the month of November: Date Nov. 1 Nov. 8 Nov. 15 Nov. 22 lanation Units Unit Cost Total Cost Beginning inventory 6 S30 32 35 36 10 15 l6 S 180 320 525 5% Purchase Purchase Total A total of 25 units were sold during the period The cost of goods sold equals $20,000, purchases were $15,000 and ending inventory is $35,000 The beginning inventory in a periodic inventory system would be: $50,000 $20,000 $40,000 $25,000

Explanation / Answer

Beginning inventory = Ending inventory + Cost of goods sold - Purchases
= $35,000 + $20,000 - $15,000
  = $40,000

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