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?

Question

Business

Lincoln Garrett

7 September, 14:02

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?

+5

Answers (1)

Know the Answer?

Chace Mccormick · Answer 1

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