Goshen City acquires $36,000 of inventory on November 1, 20X5, having held no inventory previously. On December 31, 20X5, the end of Goshen City's fiscal year, a physical count shows $7,000 still in stock. During 20X6, $5,000 of this inventory is used, resulting in a $2,000 remaining balance of supplies on December 31, 20X6.
-Based on the preceding information,which of the following would be the correct account balances for 20X5 if Goshen City used the purchase method of accounting for inventories?
Definitions:
Baby's Organs
The vital internal organs of an infant, including the heart, lungs, liver, and kidneys, crucial for sustaining life.
Fetus
An embryo after eight weeks of gestation.
Patient Accusations
Claims or allegations made by patients against healthcare providers or institutions, often involving negligence or malpractice.
Medical Assistant
A healthcare professional who supports medical practitioners by performing administrative and clinical tasks in a medical office or clinic.
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