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Determine the company beginning inventory

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Question - Selected account balances for a merchandising company are listed below. The company uses the periodic method of inventory.

Sales Revenue $90,000

Sales Returns and Allowances 4,000

Purchases 60,000

Inventory (beginning) ???

Inventory (ending) 13,000

Purchase Returns and Allowances 2,000

Transportation - in 3,000

Transportation - out 1,000

Sales Discounts 6,000

Purchase Discounts 5,000

Gross Profit 21,000

Required - Determine the company's beginning inventory.

Reference no: EM132561069

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