Based on our understanding of inventcory cost fowis,and given the information listed below for the company's fiscal year 2018 determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e.. ending inventory). Sales Freight In Purchase Returns and Allowances Sales Returns Purchase Discounts Purchases Gross Profit Sales Discounts $317,000 $7,000 $8,000 $9,000 $4,000 $245,000 $75,000 $1,000
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Based on our understanding of inventcory cost fowis,and given the information listed below for the company's fiscal year 2018 determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e.. ending inventory). Sales Freight In Purchase Returns and Allowances Sales Returns Purchase Discounts Purchases Gross Profit Sales Discounts $317,000 $7,000 $8,000 $9,000 $4,000 $245,000 $75,000 $1,000
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