Illeo, Inc. had an inventory balance of $13,000 on January 1 and $16,000 on December 31. The cost of goods sold during the period was $60,000. What is the purchase amount?

Explanation:

Steps needed to derive the amount of inventory purchases are:

I. Obtain the total valuation of beginning inventory, ending inventory, and the cost of goods sold.

II. Subtract beginning inventory, Bv from ending inventory, Ev.

III. Add the cost of goods sold, Cs to the difference between the ending and beginning inventories.

Inventory purchases = Ev - Bv + Cs

= $16000 - $13000 + $60000

= $63000.

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