Which of these is not an acceptable inventory costing method under IFRS? 2. Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise sold is $15,400. Tavella Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The Trapani Co. paid the invoice within the discount period. What is amount of net sales from the above transactions? a. $17,000 b. $15,250 c. $14,945 d. None of these choices
Which of these is not an acceptable inventory costing method under IFRS?
2. Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise
sold is $15,400. Tavella Co. issued a credit memo for $1,750 for merchandise returned that originally cost $1,400. The
Trapani Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?
a. $17,000
b. $15,250
c. $14,945
d. None of these choices
3. Roki Inc. uses the periodic inventory system.
June 1 On hand, 50 units @ $15.00 each $ 750.00
5 Purchased 115 units @ $15.10 each 1,736.50
14 Purchased 75 units @ $15.20 each 1,140.00
Total cost of goods available for sale $3,626.50
30 On hand, 90 units
How many units did Roki, Inc. sell during June?
a. 50
b. 90
c. 100
d. 15
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
