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on 23 Auto's Body Shop had the following costs associated with new inventory purchases for the month of January: • New inventory purchases $9,000 Shipping costs incurred $907 Purchase discounts taken $200
on 23 Auto's Body Shop had the following costs associated with new inventory purchases for the month of January: • New inventory purchases $9,000 Shipping costs incurred $907 Purchase discounts taken $200 . If the beginning balance in the inventory account is a $3,000 debit, what is the new balance in the inventory account after considering the new purchases? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123
Expert Solution
New inventory account balance = beginning inventory + purchases + freight - discount taken
=3000+9000+907-200
= 12707
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