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Question(s) / Instruction(s):

A companys cost of goods sold was $4,000. Determine net purchases and ending inventory given goods available for sale were $10,000 and beginning inventory was $7,000.

a)            Net Purchases: $11,000; Ending Inventory: $17,000

b)            Net Purchases: $14,000; Ending Inventory: $6,000.

c)            Net Purchases: $3,000; Ending Inventory: $6,000.

d)            Net Purchases: $6,000; Ending Inventory: $3,000.

e)            Net Purchases: $17,000; Ending Inventory: $14,000.

 

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