Balance in the inventory account problem

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ABC Company reported cost of goodssold of $620,500 during 2005 and a number of days' sales ininventory ratio of 50 days. ABC Company reported inventory of $78,000 on the December31, 2005 balance sheet. The balance in the inventory account at January 1, 2005 was equal to:


A)

$85,000


B)

$90,410


C)

$51,100


D)

$78,000


E)

$92,000

Reference no: EM13258440

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