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Dave's Duds reported cost of goods sold of $1,600,000 this year. The inventory account increased by $210,000 during the year to an ending balance of $455,000. What was the cost of merchandise that Dave's purchased during the year? Multiple Choice $1,810,000. $1,390,000. $1,145,000. $2,055,000.

Respuesta :

Answer:

$1,810,000

Explanation:

Given that,

Cost of goods sold = $1,600,000

Inventory increases by  = $210,000

Ending balance in inventory = $455,000

Opening Balance of Inventory:

= Ending balance in inventory - Inventory account increased Compare to Beginning

= $455,000 - $210,000

= $245,000

Cost of Inventory purchased:

= Cost of Goods Sold + Ending Balance of Inventory - Opening Balance of Inventory

= $1,600,000 + $455,000 - $245,000

= $1,810,000

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