On January 1, Pope Enterprises inventory was $625,000. Pope made $950,000 of net purchases during the year.

Question:

On January 1, Pope Enterprises’ inventory was $625,000. Pope made $950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of $1,025,000. Calculate Pope’s December 31 .
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...