Question
Scenario 1 - Gail Smith Gail Smith operates a small basket weaving business as a sole proprietor. She incurred the following expenses during the tax
Scenario 1 - Gail Smith
Gail Smith operates a small basket weaving business as a sole proprietor. She incurred the following expenses during the tax year.
Beginning inventory, raw materials Beginning inventory, finished goods Ending inventory, raw materials Ending inventory, finished goods Purchases
Fabric purchased for finished goods Building rent Freight-in for fabric Freight-out for sale of finished goods
Calculate Gail's cost of goods sold.
$ 5,000 $ 10,000 $ 6,250 $ 4,700 $ 17,500 $ 2,350 $ 12,000 $ 300 $ 475
Answer the following question based on the scenario for Gail Smith. Select the total goods available for sale:
a) $35,625 b) $32,500 c) $34,850 d) $35,150
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