The extracts from Trial balance are provided below Opening Inventory $385,250.00 Purchases $470,050.00 Sales $784,700.00 What would be the closing Inventory? Question 2 options: 385250 345245 70600 274645

The extracts from Trial balance are provided below Opening Inventory $385,250.00 Purchases $470,050.00 Sales $784,700.00 What would be the closing Inventory? Question 2 options: 385250 345245 70600 274645

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 1E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Carrystock works on a gross profit margin of 35%
The extracts from Trial balance are provided below

Opening Inventory			$385,250.00
Purchases			$470,050.00
Sales			$784,700.00

What would be the closing Inventory?

Question 2 options:

	385250
	345245
	70600
	274645

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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