Question: Smith Inc. uses the periodic inventory system. Its purchases for the most recent year were $83,000, ending inventory was $21,000, and the cost of goods

Smith Inc. uses the periodic inventory system. Its purchases for the

Smith Inc. uses the periodic inventory system. Its purchases for the most recent year were $83,000, ending inventory was $21,000, and the cost of goods sold was $122,000. How much inventory was in stock at the beginning of the year? $60,000 $39,000 $62,000 $71,000

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