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17 November, 14:23

Thompson company updates its inventory records perpetually. the company's records showed a beginning inventory of $600, cost of goods sold of $1,400, and ending inventory of $800. how much inventory was purchased during the year? $1,200 $1,000 $900

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  1. 17 November, 14:35
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    The total inventory can be calculated by adding the initial or beginning inventory which is equal to $600 and the cost of goods sold, $1,400. That is,

    T = $600 + $1,400

    T = $2,000

    Then, we subtract the ending inventory of $800 from the calculated value.

    S = $2,000 - $800

    S = $1,200

    Hence, the answer to this item is the first choice.
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