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Determine what is the amount of inventory

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Reference no: EM132945487

Sanchez Company engaged in the following transactions during Year 1:

1) Started the business by issuing $10,900 of common stock for cash.
2) The company paid cash to purchase $6,800 of inventory.
3) The company sold inventory that cost $4,200 for $8,150 cash.
4) Operating expenses incurred and paid during the year, $3,700.

Sanchez Company engaged in the following transactions during Year 2:

1) The company paid cash to purchase $9,200 of inventory.
2) The company sold inventory that cost $8,400 for $14,750 cash.
3) Operating expenses incurred and paid during the year, $4,700.
Note: Sanchez uses the perpetual inventory system.

Problem 1: Determine What is the amount of inventory that will be shown on the balance sheet at December 31, Year 2?

Reference no: EM132945487

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