Question
Sylvia's Designs Co. had the following inventory activity during April : Units unit Cost Beginning inventory 100 $10 Purchase (April 3) 50 12 Sale (April
Sylvia's Designs Co. had the following inventory activity during April:
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|
|
|
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| Units | unit Cost |
| Beginning inventory | 100 | $10 |
| Purchase (April 3) | 50 | 12 |
| Sale (April 10) | 80 |
|
| Purchase (April 18) | 40 | 14 |
| Purchase (April 23) | 60 | 15 |
| Sale (April 28) | 120 |
|
Assuming Sylvia's uses a periodic FIFO cost flow assumption, cost of goods sold for April would be:
***Show the computations of your result.
| a. | $2,560 |
| b. | $ 750 |
| c. | $2,310 |
| d. | $ 500 |
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Trucking Industry IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304135640, 978-1304135643
