Carr Corporation has provided the following information for its most recent month of operation: sales $8,000; beginning inventory $1,000; ending inventory $2,000 and gross profit $5,000. How much were Carr's inventory purchases during the period?a. $9,000.00 b. $5,000.00 c. $6,000.00 d. $4,000.00

d. $4,000.00

Explanation:

This question presents an incomplete record scenario. With the Purchases amount missing.

Find the Purchases amount by preparing a Trading Account and determine the missing Purchases Amount.

Carr's inventory purchases during the period was $2,000

Trading Account

Sales                                                                    $8,000

Less Cost of Sales

beginning inventory                     $1,000

Add Purchases                             $4,000

Less Ending inventory               ($2,000)        ($3,000)

Gross profit                                                         $5,000

advanced placement tests

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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