Question
A retail company sells furniture and has 60 tables in inventory valued $6,000 in total. During the year they purchased 500 tables for $100 each
A retail company sells furniture and has 60 tables in inventory valued $6,000 in total. During the year they purchased 500 tables for $100 each and sold half of their tables inventory to customers for $220 each. They did not have any additional transactions related to inventory during the year.
What was the balance in the Inventory account at the end of the year?
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Financial Accounting
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
5th Canadian edition
133472264, 978-0133446265, 133446263, 978-0133472264
