Question
Below are accounts and ending balances as of 12/31/2020 from the adjusted trial balance of Gillyweeds, Inc. Assume all accounts have their normal debit or
Below are accounts and ending balances as of 12/31/2020 from the adjusted trial balance of Gillyweeds, Inc. Assume all accounts have their normal debit or credit balance. The firm has a monthly accounting period, and all revenue, expense, and dividends account balances are for the month ended 12/31/2020.
Cash | $17,251 |
| Common Stock | $180 |
Accounts Receivable | $13,689 |
| Additional Paid-in Capital | $9,826 |
Prepaid Rent | $2,000 |
| Retained Earnings | $40,638 |
Inventory | $21,429 |
| Sales Revenue | $241,633 |
Equipment | $100,000 |
| Cost of Goods Sold | $122,140 |
Accumulated Depreciation-Equipment | $20,000 |
| Wages Expense | $54,000 |
Accounts Payable | $16,657 |
| Interest Expense | $600 |
Wages Payable | $6,000 |
| Depreciation Expense | $10,000 |
Interest Payable | $250 |
| Rent Expense | $4,000 |
Notes Payable | $10,000 |
| Dividends | $75 |
The Inventory account balance as of 12/1/2020 was $18,932. How much inventory did Gillyweeds purchase during the month of December 2020?
Group of answer choices
$124,637
$136,300
$119,643
$40,361
$2,497
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