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You are missing some of your purchase receipts and trying to determine what your total purchases were for the year. During last year, your beginning inventory was $45,000, your ending inventory was $28,000, and your cost of goods sold was $21,000. How much were your purchases?

Respuesta :

abiolataiwo2015

Answer:

$17,000

Explanation:

Beginning inventory $45,000

Less ending inventory $28,000

Balance $17,000

Therefore purchase will be $17,000

facundobuzzetti

Answer:

cost of goods purchased= $4,000

Explanation:

Giving the following information:

During last year, your beginning inventory was $45,000, your ending inventory was $28,000, and your cost of goods sold was $21,000

We need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

21,000= 45,000 +cost of goods purchased - 28,000

cost of goods purchased= $4,000

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