Stone Pine Corporation, a Calendar Year Taxpayer, Has Ending Inventory

question 99

Multiple Choice

Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2. During the year 20X2, the corporation purchased additional inventory of $375,000. If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2?

• A)$55,000
• B)$245,000
• C)$255,000
• D)$310,000
• E)None of these