Question

Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $21,000, cost of goods sold of $29,000, and ending inventory of $23,000. How much inventory was purchased during the year?

Answer 1

Answer:

$31,000

Explanation:

Data provided

Cost of goods sold = $29,000

Beginning inventory = $21,000

Ending inventory = $23,000

The computation of inventory purchased during the year is shown below:-

Cost of goods sold = Beginning inventory + Purchase inventory - Ending inventory

$29,000 = $21,000 + Purchase - $23,000

Purchase inventory during the year = $31,000

Answer 2

The amount of inventory that was purchased during the year is $31,000.

Using this formula

Inventory purchased = Cost of Goods Sold + Ending inventory - Beginning Inventory

Where:

Cost of Goods Sold =$29,000

Ending inventory=$23,000

Beginning Inventory=$21,000

Let plug in the formula

Inventory purchased =$29,000+$23,000-$21,000

Inventory purchased=$31,000

Inconclusion the amount of inventory that was purchased during the year is $31,000.

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