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Goddard's Department Store has budgeted cost of goods sold of $37.000 for its men's shorts in...
Goddard's Department Store has budgeted cost of goods sold of $44,000 for its men's shorts in...
Goddard's Department Store has budgeted cost of goods sold of $44,000 for its men's shorts in March. Management also wants to have $8000 of men's shorts in inventory at the end of March to prepare for the summer season. Beginning inventory of men's shorts for March is expected to be $4600. What dollar amount of men's shorts should be purchased in March? $31,400 $56,600 $40,600 $47,400
A department store has budgeted cost of goods sold for March of $60,000 for its women's...
A department store has budgeted cost of goods sold for March of $60,000 for its women's shorts. Management wants to have $12,000 of shorts in inventory at the end of the month to prepare for the summer season. Beginning inventory in March was $8,000. What dollar amount of shorts should be purchased to meet the above plans? please show work.
Sam's Toys budgeted sales of $600,000 for the month of November and cost of goods sold...
Sam's Toys budgeted sales of $600,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inventory for November was $53,000 and ending inventory for November is estimated at $50,000. How much are the budgeted purchases for November? OA. $497,000 OB. $357,000 O C. $363,000 OD. $257,000
FIFO tends to increase cost of goods sold when: O A. costs are declining O B....
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
A company has net sales of $222,000, cost of goods sold $89,000, operating expenses of $55,000,...
A company has net sales of $222,000, cost of goods sold $89,000, operating expenses of $55,000, and other expenses of $5,000. The company's net income IS: A. OB. O C. OD, $78,000. $128,000. $34,000. $73,000. A customer purchased items on account from Silverfish, Inc. After a few days, the customer returned the goods. Silverfish, Inc. will issue a: OA. debit memorandum. OB, return receipt. C. credit memorandum O D. refund check. Companies that want a "middle ground" solution to net...
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous...
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous Beginning inventory 1/1 2016 2017 2018 Cost of goods purchased €40,000 €18,000 €25,000 50,000 55,000 70,000 Cost of goods available for sale 90,000 73,000 95,000 Ending inventory 12/31 18,000 25,000 40,000 Cost of goods sold £72,000 £48,000 £55,000 Net income for the years 2016, 2017, and 2018 was €70,000 €60,000, and €65,000, respectively. Since net income was consistently declining, Mr. Speer hired a new...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods manufactured. The books show a beginning inventory of 10,000 an ending inventory of 8,000 and cost of goods sold were 7,000. Can you help her? a. Yes, it is $11,000 b. Yes, it is $9,000 c. Yes, it is $5,000 d. No Ow tutorn Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is...
only use information for the Birdhouse. This changes some dollar figures in the Cost of Goods Sold...
only use information for the
Birdhouse. This changes some dollar
figures in the Cost of Goods Sold Budget. The cost of the ending
inventory Birdhouse will be $32 x 340 birdhouses
Beginning Finished goods inventory $7,820 Ending FG inventory
$10,880
Beginning WIP $14,500 Ending WIP $17,700
Chapter 22 Budgeting 1113 c. Desired inventories at January 31: Direct materials: Wood Plastic... . . . 32 Finished products: 340 units at $28per unit Y& 200 units at $34 per unit 180 ft. Birdhouse...
I just need the budgeted cost of goods sold Iguana, Inc., manufactures bamboo picture frames that...
I just need the budgeted cost of goods
sold
Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. • Ending raw materials inventory should be 30 percent of next month's...
1) 2) 3) 4) 5) The Botosan Factory has determined that its budgeted factory overhead budget...
1)
2)
3)
4)
5)
The Botosan Factory has determined that its budgeted factory overhead budget for the year is $615,420 and budgeted direct labor hours are 473,400. If the actual direct labor hours for the period are 430,800, how much overhead would be allocated to the period? Oa, $576,841 Ob. $560,040 Oc. $476,034 Od. $677,648 Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to...
Sam's Toys budgeted sales of $600,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inventory for November was $53,000 and ending inventory for November is estimated at $50,000. How much are the budgeted purchases for November? OA. $497,000 OB. $357,000 O C. $363,000 OD. $257,000
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
A company has net sales of $222,000, cost of goods sold $89,000, operating expenses of $55,000, and other expenses of $5,000. The company's net income IS: A. OB. O C. OD, $78,000. $128,000. $34,000. $73,000. A customer purchased items on account from Silverfish, Inc. After a few days, the customer returned the goods. Silverfish, Inc. will issue a: OA. debit memorandum. OB, return receipt. C. credit memorandum O D. refund check. Companies that want a "middle ground" solution to net...
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous Beginning inventory 1/1 2016 2017 2018 Cost of goods purchased €40,000 €18,000 €25,000 50,000 55,000 70,000 Cost of goods available for sale 90,000 73,000 95,000 Ending inventory 12/31 18,000 25,000 40,000 Cost of goods sold £72,000 £48,000 £55,000 Net income for the years 2016, 2017, and 2018 was €70,000 €60,000, and €65,000, respectively. Since net income was consistently declining, Mr. Speer hired a new...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods manufactured. The books show a beginning inventory of 10,000 an ending inventory of 8,000 and cost of goods sold were 7,000. Can you help her? a. Yes, it is $11,000 b. Yes, it is $9,000 c. Yes, it is $5,000 d. No Ow tutorn Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is...
only use information for the
Birdhouse. This changes some dollar
figures in the Cost of Goods Sold Budget. The cost of the ending
inventory Birdhouse will be $32 x 340 birdhouses
Beginning Finished goods inventory $7,820 Ending FG inventory
$10,880
Beginning WIP $14,500 Ending WIP $17,700
Chapter 22 Budgeting 1113 c. Desired inventories at January 31: Direct materials: Wood Plastic... . . . 32 Finished products: 340 units at $28per unit Y& 200 units at $34 per unit 180 ft. Birdhouse...
I just need the budgeted cost of goods
sold
Iguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. • Ending raw materials inventory should be 30 percent of next month's...
1)
2)
3)
4)
5)
The Botosan Factory has determined that its budgeted factory overhead budget for the year is $615,420 and budgeted direct labor hours are 473,400. If the actual direct labor hours for the period are 430,800, how much overhead would be allocated to the period? Oa, $576,841 Ob. $560,040 Oc. $476,034 Od. $677,648 Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to...
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