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Carr Corporation has provided the following information for its most recent month of operation: sales $8,000; beginning inventory $1,000; ending inventory $2,000 and gross profit $5,000. How much were Carr's inventory purchases during the period?a. $9,000.00 b. $5,000.00 c. $6,000.00 d. $4,000.00

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Answer:

d. $4,000.00

Explanation:

This question presents an incomplete record scenario. With the Purchases amount missing.

Find the Purchases amount by preparing a Trading Account and determine the missing Purchases Amount.

Carr's inventory purchases during the period was $2,000

Trading Account

Sales                                                                    $8,000

Less Cost of Sales

beginning inventory                     $1,000

Add Purchases                             $4,000

Less Ending inventory               ($2,000)        ($3,000)

Gross profit                                                         $5,000

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