Beginning and Ending Inventories Are $980 and $880, Respectively

question 27

Multiple Choice

Beginning and ending inventories are $980 and $880, respectively. The income statement debit and credit columns of the worksheet total $2,500 and $2,500, respectively, not including the adjustment amounts for beginning and ending inventories. The net income or loss for the period is:

• A) $1,860 net income.
• B) $1,860 net loss.
• C) $100 net income.
• D) $100 net loss.

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