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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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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?
Transcribed Image Text: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?
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