Financial Accounting

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Inventory Cost: Purchases


Jasmine Company uses a Periodic Inventory System, and has calculated the Cost of Goods Sold for the current year as \$1,300,000. In addition, the balance in the Inventory account listed on the Balance Sheet at the end of last year was \$80,000. The year-end Inventory has been counted and calculated to be \$95,000. Based on this information, how much will Jasmine Company report the amount of Purchases to be on the Income Statement for the current year-end?