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25 December, 22:36

A company provided the following dа ta: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross profit, $150,000. What was the amount of inventory purchased during the year?

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  1. 25 December, 23:32
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    Revenue minus cost of sales is equal to gross profit

    so inventory purchase, beginning inventory and ending inventory are in cost of sales

    Formula will be Revenu-cost of sales (beginning inventory + purchased inventory - ending inventory) = Gross profit

    So 500000 - (40000+x-45000) = 150000

    then you can make x as the subjects of the formula and you can easily get the answer
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Home » Business » A company provided the following dа ta: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross profit, $150,000. What was the amount of inventory purchased during the year?
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