What is the beginning inventory

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Reference no: EM131207677

The following relate to the income statement of Growth Company for the year ended 2010. What is the beginning inventory?

Purchases	$180,000
Purchase returns	5,000
Sales	240,000
Cost of goods sold	210,000
Ending inventory	30,000

1. $6,000

2. $65,000

3. $50,000

4. $55,000

5. $70,000

Which of the following items are considered to be nonrecurring items?
1. Equity earnings
2. Unusual or infrequent item disclosed separately
3. Discontinued operations
4. Extraordinary item
5. Cumulative effect of change in accounting principle.

Reference no: EM131207677

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