Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2. During the year 20X2, the corporation purchased additional inventory of $375,000. If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2?

Question

kdog6247 kdog6247

23-07-2019
Mathematics

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Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2. During the year 20X2, the corporation purchased additional inventory of $375,000. If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2?

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DeniceSandidge DeniceSandidge · Answer 1 · 2019-07-30T13:46:54+02:00

Answer:

beginning inventory is $245000

Step-by-step explanation:

Given data

ending inventory = $150,000

purchased additional inventory = $375,000

goods sold = $470,000

to find out

beginning inventory

solution

according to question beginning inventory is calculated by this formula i.e.

beginning inventory = ( cost of goods sold + ending inventory ) - amount of inventory purchase .....................1

now put all value cost of goods sold, ending inventory and amount of inventory purchase in equation 1 and we get beginning inventory

beginning inventory = ( cost of goods sold + ending inventory ) - amount of inventory purchase

beginning inventory = ( 470000 + 150000 ) - 375000

beginning inventory = 245000

so beginning inventory is $245000

704693 704693 · Answer 2 · 2021-03-02T18:14:14+01:00