Question

On Plum Perfect Department​ Stores' most recent balance​ sheet, the balance of its inventory at the beginning of the year was $15,000. At the end of the​ year, the inventory balance was $21,500. During that​ year, its cost of goods sold was $64,000. All purchases of inventory throughout the year were on account. What was the total of Plum Perfect's purchases during the​ year? Plum Perfect's total purchases during the year were

Answer 1

$70,500 total purchases

Step-by-step explanation:

15,000 - Starting inventory

21,500 - Ending inventory

6,500 - Difference

64,000 - COGS

64,000 + 6,500 =

$70,500 total purchases

(I havent taken accounting in a year so double check my answer)