A company provided the following data: sales, $150,000; sales returns, $8,000; ending inventory, $40,000; net purchases of inventory, $85,000; and gross profit, $37,000. What was the amount of beginning inventory? O $68,000 O $78,000 O $70,000 O $60,000

A company provided the following data: sales, $150,000; sales returns, $8,000; ending inventory, $40,000; net purchases of inventory, $85,000; and gross profit, $37,000. What was the amount of beginning inventory? O $68,000 O $78,000 O $70,000 O $60,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 11E

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Please do not give solution in image format thanku

A company provided the following data: sales, $150,000; sales returns, $8,000; ending inventory,
$40,000; net purchases of inventory, $85,000; and gross profit, $37,000. What was the amount of
beginning inventory?
O $68,000
O $78,000
O $70,000
O $60,000

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