Homework Answers
8. Cost of Goods Sold = Beginning Inventory + Purchases + Freight In + Delivery Expenses - Ending Inventory
Cost of Goods Sold = 8000 + 550 + 45000 + 2050 - 5000
Cost of Goods Sold = $50600
9. Direct Materials Used = Beginning inventory + Purchases + Freight in - Ending Inventory
Direct Materials Used = 2500 + 4750 + 100 - 1000
Direct Materials Used = $6350
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8. Compute Cost of Goods Sold for a retail merchandiser with...
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for...
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials EEB (Click the icon to view the data.) Start the calculation for cost of goods manufactured by calculating the direct materials used. Quality Acquatic Company Calculation of Direct Materials Used For Current Year Data Table End of Year $ 9,000 $12,500 $4,300 $ 79,000 $ 29,500...
Compute the cost of Goods Manufactured and Cost of Goods Sold for Strike Gold Company for...
Compute the cost of Goods Manufactured and Cost of Goods Sold for Strike Gold Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data) Strike Gold Company Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less Ending raw materials inventory Direct materials used Choose from any list or enter any...
Given the following information for Go Live Plus, an electronics e-tailer, compute the cost of goods...
Given the following information for Go Live Plus, an electronics e-tailer, compute the cost of goods sold. : (Click the icon to view the data) A Data Table - X Go Live Plus Cost of Goods Sold Computation Cost of goods sold: Website maintenance ......... $ Delivery expense. Freight-in Import duties......... Purchases Ending inventory .......... Revenues.... Marketing expense Beginning inventory ... 7,000 1,500 3,200 1,900 49,000 6,300 71,000 10,000 3,800 Cost of goods sold Print Done
9a- Compute the cost of goods sold 9b. compute Gross Profit Durable Equipment Co
9a- Compute the cost of goods sold
9b. compute Gross Profit
Durable Equipment Company uses the periodic inventory system. Durable reported 9- the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided) (8 points, 4 Pts.ea) AED Merchandise Inventory, July 1, 2018 22,00 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight In 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common...
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the...
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Question 2 Given the following data, what is cost of goods sold? Sales revenue $10,000 Beginning...
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please explain step by step Example #8 compute Cost of Goods Manufactured and Cost of Goods...
please explain step by step
Example #8 compute Cost of Goods Manufactured and Cost of Goods Sold using the following information: Beginning of Year End of Year Raw Materials Inventory $25,000 $28,000 Work in Process Inventory $50,000 $35,000 Finished Goods Inventory $25,000 $18,000 $78,000 Purchases of Direct Materials $82,000 Direct Labor $15,000 Indirect Labor $9,000 Insurance on Plant $13,000 Depreciation - plant building and equipment $4,000 Repairs & Maintenance - plant $77,000 Marketing Expenses $29,000 General & Admin. Expenses
Compute the cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for...
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Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected...
Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $50,000 Direct materials: Beginning inventory $10,000 45,000 Direct materiais purchases Direct materials: Ending inventory 15,000 17,000 Direct labor used in production 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in...
Compute the Cost of Goods Manutactured and Cost of Goods Sold for Strike Gold Company for...
Compute the Cost of Goods Manutactured and Cost of Goods Sold for Strike Gold Company for the most recent year using the amounts descnbed next. Assume that Raw Materials Inventory contains only direct materials Cick the icon to view the data) Start the calculation for cost of goods manutactured by calculating the direct materials used Strike Gold Company Calculation of Direct Materials Used For Current Year Data Table Plus Beginning End of End of Year of Year Year Less Raw...
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials EEB (Click the icon to view the data.) Start the calculation for cost of goods manufactured by calculating the direct materials used. Quality Acquatic Company Calculation of Direct Materials Used For Current Year Data Table End of Year $ 9,000 $12,500 $4,300 $ 79,000 $ 29,500...
Compute the cost of Goods Manufactured and Cost of Goods Sold for Strike Gold Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data) Strike Gold Company Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less Ending raw materials inventory Direct materials used Choose from any list or enter any...
Given the following information for Go Live Plus, an electronics e-tailer, compute the cost of goods sold. : (Click the icon to view the data) A Data Table - X Go Live Plus Cost of Goods Sold Computation Cost of goods sold: Website maintenance ......... $ Delivery expense. Freight-in Import duties......... Purchases Ending inventory .......... Revenues.... Marketing expense Beginning inventory ... 7,000 1,500 3,200 1,900 49,000 6,300 71,000 10,000 3,800 Cost of goods sold Print Done
9a- Compute the cost of goods sold
9b. compute Gross Profit
Durable Equipment Company uses the periodic inventory system. Durable reported 9- the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided) (8 points, 4 Pts.ea) AED Merchandise Inventory, July 1, 2018 22,00 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight In 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common...
please explain step by step
Example #8 compute Cost of Goods Manufactured and Cost of Goods Sold using the following information: Beginning of Year End of Year Raw Materials Inventory $25,000 $28,000 Work in Process Inventory $50,000 $35,000 Finished Goods Inventory $25,000 $18,000 $78,000 Purchases of Direct Materials $82,000 Direct Labor $15,000 Indirect Labor $9,000 Insurance on Plant $13,000 Depreciation - plant building and equipment $4,000 Repairs & Maintenance - plant $77,000 Marketing Expenses $29,000 General & Admin. Expenses
Compute the cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. E: (Click the icon to view the data.) 71,000 Plus: Purchases of direct materials Materials available for use Less: Ending raw materials inventory Data Table - X Direct materials used Calculate the cost of goods manufactured. End of Beginning of Year End of Year Year Raw...
Understanding the Relationship between Cost Flows, Inventories, and cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $50,000 Direct materials: Beginning inventory $10,000 45,000 Direct materiais purchases Direct materials: Ending inventory 15,000 17,000 Direct labor used in production 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in...
Compute the Cost of Goods Manutactured and Cost of Goods Sold for Strike Gold Company for the most recent year using the amounts descnbed next. Assume that Raw Materials Inventory contains only direct materials Cick the icon to view the data) Start the calculation for cost of goods manutactured by calculating the direct materials used Strike Gold Company Calculation of Direct Materials Used For Current Year Data Table Plus Beginning End of End of Year of Year Year Less Raw...
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