On January 1, Pope Enterprises inventory was $550,000. Pope made $880,000 of net purchases during the year.

Question:

On January 1, Pope Enterprises’ inventory was $550,000. Pope made $880,000 of net purchases during the year.
On its year-end income statement, Pope reported cost of goods sold of $925,000. Calculate Pope Enterprises’ December 31 .

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...