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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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On January 1, Pope Enterprises’ inventory was $625,000. Pope made $950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of $1,025,000. Calculate Pope’s December 31 ending inventory.

To determine

Compute the ending inventory of Enterprise P.

Explanation

Ending Inventory: Ending inventory refers to the stock of goods that remains unsold at the end of the year.

Compute the ending inventory of Enterprise P.

Computation of ending inventory
ParticularsAmount
Beginning inventory on January 1$625,000

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