A company has beginning inventory for the year of $12,000. During the year, the company purchases inventory for $150,000 and ends the year with $20,000 of inventory. The company will report cost of goods sold equal to:
A) $150,000.
B) $158,000.
C) $142,000.
D) $170,000.
Answer: $142,000.
Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory?
A) $20,000.
B) $30,000.
C) $10,000.
D) $50,000.
Answer: $20,000.
The type of income statement that classifies items as operating and nonoperating is the ________ income statement.
A) Consolidated.
B) Multiple-step.
C) Classified.
D) Single-step.
Answer: Multiple-step.
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