Accounting (FIND THE CASH AMOUNT OF PURCHASES)

Question

Acme, Inc. had cost of goods sold of $2,200. If beginning inventory was $2,300 and ending inventory was $600, Acme's purchases must have been:

 

$500.
$700.
$3,900.
$1,700.

Answer 1

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Answer 2

The started with $2300

They sold $2200 worth leaving $100 in inventory

 

Since ending inventory was $600 they had to have

purchased $500 worth of inventory.