During the year, XYZ Company's inventory account balance increased from $26,000 to $31,500. During the year, the company made payments totaling $152,500 to creditors for inventory purchases and reported Cost of Goods Sold of $159,500 on its Income Statement. How much inventory was purchased during the year? - General Financial Accounting

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General Financial Accounting MCQs

During the year, XYZ Company's inventory account balance increased from $26,000 to $31,500. During the year, the company made payments totaling $152,500 to creditors for inventory purchases and reported Cost of Goods Sold of $159,500 on its Income Statement. How much inventory was purchased during the year?

$165,000

$158,000

$152,500

$159,500

Answer

Correct Answer: $165,000

Explanation:

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