Ending inventory levels, Financial Statements of ABC Corp.

Ending inventory levels

Reference no: EM13134278

Financial Statements of ABC Corp. indicates that ending inventory levels in 2010 and 2011 were $200,000 and $350,000 respectively. Net Sales for 2010 and 2011 were $5,000,000 and $5,500,000 respectively. Cost of Goods sold for 2010 and 2011 were $1,900,000 and $2,200,000 respectively. Purchases are recorded using the net method and purchase discounts lost are expensed. Purchase discounts lost in 2010 and 2011 were $50,000 and $75,000 respectively. Purchases in 2011 were:

A) $2,225,000

B) $2,275,000

C) $2,350,000

D) $2,425,000

Reference no: EM13134278

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