# 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.

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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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