What the periods inventory loss or gain would be, Accounting Basics

What the periods inventory loss or gain would be

Problem: A business had inventory on hand at the beginning of a period worth $1,000. During the period, purchases of inventory totalled $2,800, and sales of inventory (at cost price) totalled $1,500. A physical stocktake revealed inventory worth $2,200 on hand. The period's inventory loss or gain would be: Question Answer $300 gain $300 loss $100 gain $100 loss

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Accounting Basics: What the periods inventory loss or gain would be

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Accounting Basics: What the periods inventory loss or gain would be

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