In 2012, PetPals Inc. purchased 20,350 units from its supplier at a cost of $13 per unit. PetPals sold 16,250 units of its product in 2012 at a price of $28 per unit. PetPals began in 2012 with $975,400 in inventory (inventory is carried at cost). Calculate the total revenue and the total cost of goods sold (COGS) for PetPals Inc. in 2012.

In 2012, PetPals Inc. purchased 20,350 units from its supplier at a cost of $13 per unit. PetPals sold 16,250 units of its product in 2012 at a price of $28 per unit. PetPals began in 2012 with $975,400 in inventory (inventory is carried at cost). Calculate the total revenue and the total cost of goods sold (COGS) for PetPals Inc. in 2012.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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