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Lock Security Company Updates Its Inventory Perpetually

Question 137

Multiple Choice

Lock Security Company updates its inventory perpetually.The company reported a beginning inventory of $1,500.During the year,the company recorded inventory purchases of $4,500 and cost of goods sold of $5,000.What was the amount of its ending inventory?


A) $1,000
B) $2,500
C) $2,600
D) $2,700

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