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Find what is balance that would appear in venus company''

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Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000.

Question 1: What is the balance that would appear in Venus Company's inventory account on February 1 assuming use of a periodic inventory system? Explain.

Reference no: EM132524610

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