20 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $860 of inventory on account. 3. Sold merchandise costing $250 for $360 on account. 4. Collected $120 cash from accounts receivable. 5. Paid $500 of outstanding accounts payable. What is the value of ABC Merchandising Company's ending Merchandise Inventory for Year 1? $500 O $250 $860 $610 Previous Next Question 21 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $250 of inventory on account. 3. Sold merchandise costing $200 for $220 on account. 4. Collected $140 cash from accounts receivable. 5. Paid $180 of outstanding accounts payable. What is the value of ABC Merchandising Company's Cost of Goods Sold expense for Year 1? $250 $200 $70 $110 Previous Next