a business has sales of $150,000, net income of $30,000, beginning inventory of $15,000, purchases of $90,000, and operating expenses of $40,000. what is the value of ending inventory for this business?

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16-11-2022
Business

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a business has sales of $150,000, net income of $30,000, beginning inventory of $15,000, purchases of $90,000, and operating expenses of $40,000. what is the value of ending inventory for this business?

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SanofarAfrin SanofarAfrin · Answer 1 · 2022-11-24T13:27:32+01:00

A company generates $150,000 in sales, $30,000 in net revenue, $15,000 in initial inventory, $90,000 in acquisitions, and $40,000 in operational costs. The closing inventory for this business is valued at $65,000.

What does it mean to end inventory?

The value of products still on hand and available for purchase by a company at the end of an accounting period is referred to as ending inventory. Multiple methods of valuation can be used to determine the monetary amount of ending inventory.

Simple formulas can be used to calculate ending inventory. The starting inventory at the beginning of the current accounting period is simply taken into account, along with the cost of new purchases and the cost of products sold (COGS).

Ending inventory= starting inventory + net purchases - COGS

Ending inventory= $15,000 + $90,000 - $40,000

Ending inventory= $65,000

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