A Company Provided the Following Data: Sales,$500,000;beginning Inventory,$40,000;ending Inventory,$45,000;and Gross

question 108

Multiple Choice

A company provided the following data: sales,$500,000;beginning inventory,$40,000;ending inventory,$45,000;and gross profit,$150,000.What was the amount of inventory purchased during the year?

• A)$385,000.
• B)$355,000.
• C)$345,000.
• D)$145,000.

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Definitions:

British Pounds

The currency of the United Kingdom, also known simply as the pound and symbolized by £.

Exchange Rate

The rate at which one currency can be swapped for another, impacting global trade and investment decisions.

U.S. Demand

The total desire or willingness to purchase goods and services in the United States, measured at a given price level and in a given time period.

Foreign Exchange

Foreign Exchange involves the trading of one currency for another, often conducted in the global foreign exchange market.