Anthony's Shoe Company Uses a Perpetual Inventory System

question 26

Multiple Choice

Anthony'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) $7,000
• C) $7,500
• D) $6,000

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Definitions:

Bones

The rigid organs that form part of the endoskeleton of vertebrates, providing support for the body and protection for some organs.

Displaced Oblique Fracture

A type of bone fracture where the bone breaks diagonally and the pieces move out of alignment.

Shaft

The long, narrow, central portion of an object, tool, or anatomical structure.

Left Tibia

The larger and stronger of the two bones in the lower leg, located on the medial side, commonly known as the shinbone.