Smith Company had an inventory balance of S13,000 on January 1 and S16,000 on December 31. The cost of goods sold during the period was $60,000. What’s the purchase amount?

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Exam Lesson Name: Accounting for Merchandising
Exam number 061058RR

I, Exam Guidelines I, Exam Instructions

Question 3 of 20:

3. Smith Company had an inventory balance of S13,000 on January 1 and S16,000 on December 31. The cost of goods sold during the period was $60,000. What’s the purchase amount?

0 A.144,000 0 B. $62,000 0 C. $31,000 o D.$63,000

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