Able's Furniture Company had beginning inventory on 1/1/14 in the amount of $325,000. During 2014, they purchased additional inventory in the amount of $925,000. On December 31, an inventory count revealed they had $150,000 in ending inventory. What amounts would be reported on the balance sheet and income statement as of 12/31/14 for inventory and cost of goods sold?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Able's Furniture Company had beginning inventory on 1/1/14 in the amount of $325,000. During 2014, they purchased additional inventory in the amount of $925,000. On December 31, an inventory count revealed they had $150,000 in ending inventory. What amounts would be reported on the balance sheet and income statement as of 12/31/14 for inventory and cost of goods sold?

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