Acompany began its fiscal year with inventory of $205,000. purchases and cost of goods sold for the year were $964,000 and $998,000, respectively. what was the amount of ending inventory?

The amount of ending inventory of the company is

Explanation:

If we sell any product, we will have remaining some products at the end of the accounting period. These products have a particular value, which is called the ending inventory.

Given, Initial inventory in the beginning of the fiscal year =

Purchase made for the year =

Cost of goods sold for the year (sales) =

To find, the amount of ending inventory we have to use the following formula,

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