taylor company had beginning inventory of $890 and ending inventory of $1,270. taylor company had cost of goods sold amounting to $2,810. what is the amount of inventory that was purchased during the period?

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27-10-2022
Business

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taylor company had beginning inventory of $890 and ending inventory of $1,270. taylor company had cost of goods sold amounting to $2,810. what is the amount of inventory that was purchased during the period?

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ANKITANAND ANKITANAND · Answer 1 · 2022-10-31T14:24:22-04:00

The amount of inventory that was purchased during the period is $ 2,200

What is inventory?
Both the raw materials in use in production and the finished goods that are offered for sale are included in the definition of inventory. One of a company's most valuable assets is its inventory because it is one of the main sources of revenue generation and, consequently, a source of profits for the company's shareholders. There are three different types of inventory: finished goods, work-in-progress, and raw materials. On the balance sheet of a company, it is listed as a current asset. Inventory is a crucial asset for any business. It is described as the assortment of raw materials or finished products that a company maintains throughout the normal course of business.

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