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Question:
The current period’s ending inventory is: Multiple Choice The next period’s beginning inventory. The current period’s cost of goods sold. The prior period’s beginning inventory. The current period’s net purchases. The current period’s beginning inventory.
Answer:
The current period’s ending inventory is the next period’s beginning inventory
The accounting period starts when:
- At the end of a previous accounting period
- When a company begins trading for the first time or after a period of interruption
While ending inventory is the value of the inventory at the end of the accounting period (typically a year or a quarter), the beginning inventory is the inventory at the start of the accounting year.
The formula for calculating ending or beginning inventory by substitution is given as: Beginning inventory + net purchases – COGS = ending inventory.
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