Tumbler Co. had an inventory balance of $15,250 on January 1, purchased $34,000 during the accounting period, and the cost of goods sold was $28,000. What is the ending balance in the inventory account?
A) $21,250
B) $34,000
C) $49,250
D) Not enough information provided
A) $21,250
Explanation: beginning inventory + purchases - ending inventory = cogs; shift formula to solve for X and it's beginning inventory + purchases - cogs = ending inventory. Ex: $15,250 + $34,000 - $28,000 = $21,250
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