Patricia is a business owner who is trying to determine her cost of goods sold for 2010.
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Patricia is a business owner who is trying to determine her cost of goods sold for 2010. She bought 20 units of inventory for $11, then 26 units for $9, and finally 18 units for $14. She sold 30 units in 2010 and uses FIFO to value her inventory.
What was her cost of goods sold in 2010 assuming she had no inventory at the beginning of the year?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: