At the end of last year, Games-2-Use had merchandise costing $210,000 in inventory. During January of the
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Question:
At the end of last year, Games-2-Use had merchandise costing $210,000 in inventory. During January of the current year, the company purchased merchandise costing $125,000 and sold merchandise that it had purchased at a total cost of $112,000. Games-2-Use uses a perpetual inventory system. |
The total amount debited to the Inventory account during January was:
a.$0.
b. $112,000.
c. $125,000.
d. $210,000.
The balance in the Inventory account on January 31 was: a. $112,000. b. $335,000. c. $223,000. d. $210,000.
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Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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