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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.
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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