Slacks Co. began the year with 100 units of inventory. This inventory originally cost $200/unit or $20,000 in total. During the year, Slacks purchased an additional $80,000 of inventory (400 units) for the same unit price. Slacks made three sales during the year, generating revenue of $150,000, $80,000, and $100,000. Under the periodic inventory system, Slacks counted it's inventory on Dec. 31 (its year-end) and found 300 units on hand. What is Slacks Co.'s Cost of Goods sold?

Slacks Co. began the year with 100 units of inventory. This inventory originally cost $200/unit or $20,000 in total. During the year, Slacks purchased an additional $80,000 of inventory (400 units) for the same unit price. Slacks made three sales during the year, generating revenue of $150,000, $80,000, and $100,000. Under the periodic inventory system, Slacks counted it's inventory on Dec. 31 (its year-end) and found 300 units on hand. What is Slacks Co.'s Cost of Goods sold?

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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