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What was the dollar amount of goods purchased

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Question - a. Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min's ending inventory is $200,000 and its cost of goods sold is $500,000. Yang & Min had $100,000 of inventory at the beginning of the year. What was the dollar amount of goods purchased by Yang & Min during the year?

b. FunLand Inc. is a retailer of toys and games. FunLand's beginning inventory is $192,000 and its purchases during the year are $600,000. Its ending inventory is $72,000. Make the closing entries necessary given that FunLand uses a periodic inventory system.

Reference no: EM133171899

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