Klein's Shoe Company Uses a Perpetual Inventory System

question 90

Multiple Choice

Klein's Shoe Company uses a perpetual inventory system.The beginning balance in its inventory account is $1,500 and the ending balance is $1,000.Cost of goods sold is $6,500.What was the amount of inventory purchased during the year?

• A)$ 500
• B)$6,000
• C)$7,000
• D)$7,500

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