Thompson Company updates its inventory records perpetually. The company’s record

Question

Thompson Company updates its inventory records perpetually. The company’s records showed a beginning inventory of $16,000; cost of goods sold of $24,000; and ending inventory of $18,000. How much inventory was purchased during the year?

A. $26,000.

B. $22,000.

C. $14,000.

D. $20,000.

Thompson Company updates its inventory records perpetually. The company’s records showed a beginning inventory of $16,000; cost of goods sold of $24,000; and ending inventory of $18,000. How much inventory was purchased during the year?

Explanation / Answer

Answer is A. $ 26000 Explanation: Cost of Goods sold 24,000 Add: Ending inventory 18000 Total cost of goods available for sale 42000 Less: Beginning Invenntory 16000 Purchase of Material 26000

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