Sloan Enterprises had inventory on May 1 with a cost of $2,000. During May, the company purchased additional inventory at a cost of $8,000. Sloan uses a perpetual inventory system and recorded cost of goods sold of $7,000 for the month. What was Sloan's cost of goods available for sale during the period?

Question

Quizplus · Accepted Answer

The cost of goods available for sale is the sum of the beginning inventory and the purchases made during the period. Therefore, $2,000 (beginning inventory) + $8,000 (purchases) = $10,000.

Sloan Enterprises Had Inventory on May 1 with a Cost