Richard Company's financial records report beginning inventory of $534,000; ending inventory of $697,000; and cost of goods sold of $1,354,000. What is the amount of purchases?
A) $1,517,000
B) $2,051,000
C) $1,234,000
D) $820,000
Answer: A
Explanation: A) $1,354,000 + $697,000 - $534,000 = $1,517,000
Cost of Goods Sold $1,354,000 + Ending Inventory $697,000 = Cost of Goods Available for Sale $2,051,000
Cost of Goods Available for Sale $2,051,000 - Beginning Inventory $534,000 = $1,517,000
Business
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