Goshen City Acquires $36,000 of Inventory on November 1, 20X5

question 80

Short Answer

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 20X6 if Goshen City used the purchase method of accounting for inventories?

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Definitions:

Alzheimer's Disease

A progressive neurological disorder characterized by memory loss, cognitive decline, and behavioral changes, resulting from neuronal damage and brain atrophy.

Acetylcholine

A neurotransmitter in both the central and peripheral nervous systems that plays an important role in muscle contraction and sensory processing.

Excitatory Neurotransmitter

A type of neurotransmitter that promotes the generation of an electrical signal called an action potential in receiving neurons.

Glutamate

An amino acid that functions as the major excitatory neurotransmitter in the vertebrate brain