Taylor Company Had Beginning Inventory of $830 and Ending Inventory

question 147

Multiple Choice

Taylor Company had beginning inventory of $830 and ending inventory of $1,200. Taylor Company had cost of goods sold amounting to $2,610. What is the amount of inventory that was purchased during the period?

• A)$2,150
• B)$2,980
• C)$4,640
• D)$3,810

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Definitions:

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender or the rate earned on a deposit or investment.

Present Value

The present value of a future amount of money or series of cash flow using a given rate of return.

Interest Rate

The fee, quantified as a percentage relative to the principal, levied by a lender on a borrower to utilize assets.

Rule of 70

A formula used to estimate the number of years required for an investment or the economy's output to double, calculated by dividing 70 by the annual growth rate.