ABC Company reported cost of goodssold of $620,500 during 2005 and a number of days' sales ininventory ratio of 50 days. ABC Company reported inventory of $78,000 on the December31, 2005 balance sheet. The balance in the inventory account at January 1, 2005 was equal to:
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A)
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$85,000
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B)
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$90,410
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C)
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$51,100
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D)
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$78,000
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E)
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$92,000
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