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.
| Date | Beginning inventory | Number of Units | Cost of Units | Total Cost |
| January | Purchase | 1,000 | $3.00 | $ 3,000 |
| February | Purchase | 600 | $3.50 | $ 2,100 |
| March | Purchase | 800 | $4.00 | $ 3,200 |
| April | Purchase | 1200 | $4.25 | $5,100 |
| Totals | Purchase | 3600 | $13,400 |
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