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Tumbler Co. had an inventory balance of​ $15,250 on January​ 1, purchased​ $34,000 during the accounting​ period, and the cost of goods sold was​ $28,000. What is the ending balance in the inventory​ account?

Answer :

Answer:

Ending balance of inventory = $21,250

Explanation:

Given:

Opening Inventory = $15,250

Purchase during the year = $34,000

Cost of goods sold =​ $28,000

Ending balance of inventory =?

Computation of Ending balance of inventory :

Cost of goods sold =​ Opening Inventory + Purchase during the year - Ending balance of inventory

$28,000 = $15,250 + $34,000 - Ending balance of inventory

Ending balance of inventory = $49,250 - $28,000

Ending balance of inventory = $21,250

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