Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. slacks co. began the year with 100 units of invent

Slacks Co. began the year with 100 units of inventory. This inventory originally cost $200/unit...

60.1K

Verified Solution

Question

Accounting

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?
image
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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students