The 20X2 Records of Tom Company Showed Beginning Inventory, $6,000;

question 69

Multiple Choice

The 20X2 records of Tom Company showed beginning inventory, $6,000; cost of goods sold, $14,000; and ending inventory, $8,000. What was the purchases amount for 20X2?

• A) $9,000
• B) $10,000
• C) $12,000
• D) $16,000

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Definitions:

Legal

Pertains to matters, principles, or the system of rules that are recognized by a country or community as regulating the actions of its members and enforced by the imposition of penalties.

Ethical

Ethical pertains to moral principles that govern a person's behavior or the conducting of an activity.

Foreign Suppliers

Companies or individuals located outside the purchasing country that provide goods or services to businesses or consumers within that country.

Monitor

To observe and check the progress or quality of something over a period of time.