If Cost of Goods Sold Is $145,000 and the Beginning

question 7

Multiple Choice

If Cost of goods sold is $145,000 and the beginning and ending Inventory balances are $18,000 and $13,000, respectively, the net purchases of inventory are:

• A) $145,000
• B) $140,000
• C) $150,000
• D) $132,000

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Definitions:

C Corporations

A type of corporation in the United States subject to corporate income tax, distinguished by being taxed separately from its owners.