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Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415, 000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.

Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415, 000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415, 000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.
Transcribed Image Text:Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of the tax year. During the year, the store purchased additional inventory of $415, 000. If cost of goods sold for the year was $470,000, what was the beginning inventory? A. $55,000. B. $215,000. C. $255,000. D. $310,000.
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