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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 $138 Purchase discounts taken $200 If the beginning balance in the inventory account is a $1,000 debit, what is the new balance in the inventory account after considering the new purchases? Fill in the blank with your calculated number

Accounting Nov 29, 2020

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 $138 Purchase discounts taken $200 If the beginning balance in the inventory account is a $1,000 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

Biginning inventory. =1000

Add: purchase(9000-200) =8800

Total ending inventory. =9800

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