Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.Purchase on February 17        $210,000 Purchase on May 6                   130,000 Purchase on September 8        160,000 Purchase on December 4         410,000Required: Calculate cost of goods sold for the year.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.

Purchase on February 17        $210,000
Purchase on May 6                   130,000
Purchase on September 8        160,000
Purchase on December 4         410,000

Required:
Calculate cost of goods sold for the year.

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