When inventory is purchased it, is recorded as a (n) and when sold it becomes a(n)
a. liability, withdrawal
b. assets expense
c. liability, asset
d. assets contra-asset
Use the following information to answer the questions 2 through 5.
Inventory data for Newman & Frith Merchandisers Inc. is provided here. Sales for the period were 2,800 units. Each sold for $8. The company maintains a periodic inventory system.
Number of Units
Cost of Units