Homework Answers
COGS=Beginning inventory+Purchases-Ending inventory
=(3800+7800-2800)
which is equal to
=$8800.
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A sporting goods store purchased $7,800 of ski boots in October. The store had $3,800 of...
A sporting goods manufacturer budgets production of 52,000 pairs of ski boots in the first quarter...
A sporting goods manufacturer budgets production of 52,000 pairs of ski boots in the first quarter and 43,000 pairs in the second quarter of the upcoming year. Each pair of boots require 2 kg of a key raw material. The company aims to end each quarter with ending raw materials inventory equal to 20% of the following quarter’s material needs. Beginning inventory for this material is 20,800 kg and the cost per kg is $9. What is the budgeted materials...
A sporting goods manufacturer budgets production of 43,000 pairs of ski boots in the first quarter...
A sporting goods manufacturer budgets production of 43,000 pairs of ski boots in the first quarter and 34,000 pairs in the second quarter of the upcoming year Each pair of boots requires 2 kilograms (kg) of a key raw material. The company aims to end each quarter with ending raw materials inventory equal to 25% of the following quarter's material needs. Beginning inventory for this material is 21,500 kg and the cost per kg is $8. What is the budgeted...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year inventory on hand amounted to $1,100 Required a. Calculate the cost of goods available for sale during the year Goods available for sale b. Calculate the cost of goods sold for the year Cost of goods sold c. Calculate the amount of inventory Rose...
Blue Wave Co. predicts the following unit sales for the coming four months: September, 3,800 units; October, 5,000...
Blue Wave Co. predicts the following unit sales for the coming four months: September, 3,800 units; October, 5,000 units; November 6,000 units; and December, 7,800 units. The company's policy is to maintain finished goods inventory equal to 70 % of the next month's sales. At the end of August, the company had 2,000 finished units on hand. Prepare a production budget for each of the months of September, October, and November. Blue Wave Co. Production Budget September, October and November...
A sporting goods manufacturer budgets production of 57.000 pairs of ski boots in the first quarter and 48,000 pa...
A sporting goods manufacturer budgets production of 57.000 pairs of ski boots in the first quarter and 48,000 pairs in the second quarter of the upcoming year Each pair of boots require 2 kg of a key raw material The company aims to end each quarter with ending raw materials inventory equal to 25 % of the following quarter's material rieeds. Beginning inventory for this material is 28,500 kg and the cost per kg is $7. What is the budgeted...
1. ou are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindi...
1. ou are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $25,000 (your wholesale supplier would not let you purchase the skis and bindings separately, nor would it let you purchase fewer than 60 sets). The community in which your store is located consists of many different types of skiers, ranging from advanced to beginners. From experience, you know that different skiers...
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales...
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? A) $111,600. B) $68,200. C) $136,400. D) $67,000. E) $124,000 13) 13) A sporting...
1. ou are the manager of a local sporting goods store and recently purchased a shipment...
1. ou are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $25,000 (your wholesale supplier would not let you purchase the skis and bindings separately, nor would it let you purchase fewer than 60 sets). The community in which your store is located consists of many different types of skiers, ranging from advanced to beginners. From experience, you know that different skiers...
A sporting goods manufacturer budgets production of 43,000 pairs of ski boots in the first quarter and 34,000 pairs in the second quarter of the upcoming year Each pair of boots requires 2 kilograms (kg) of a key raw material. The company aims to end each quarter with ending raw materials inventory equal to 25% of the following quarter's material needs. Beginning inventory for this material is 21,500 kg and the cost per kg is $8. What is the budgeted...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year Rose Sporting Goods purchased Inventory that cost $13,500. At the end of the year inventory on hand amounted to $1,100 Required a. Calculate the cost of goods available for sale during the year Goods available for sale b. Calculate the cost of goods sold for the year Cost of goods sold c. Calculate the amount of inventory Rose...
Blue Wave Co. predicts the following unit sales for the coming four months: September, 3,800 units; October, 5,000 units; November 6,000 units; and December, 7,800 units. The company's policy is to maintain finished goods inventory equal to 70 % of the next month's sales. At the end of August, the company had 2,000 finished units on hand. Prepare a production budget for each of the months of September, October, and November. Blue Wave Co. Production Budget September, October and November...
A sporting goods manufacturer budgets production of 57.000 pairs of ski boots in the first quarter and 48,000 pairs in the second quarter of the upcoming year Each pair of boots require 2 kg of a key raw material The company aims to end each quarter with ending raw materials inventory equal to 25 % of the following quarter's material rieeds. Beginning inventory for this material is 28,500 kg and the cost per kg is $7. What is the budgeted...
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? A) $111,600. B) $68,200. C) $136,400. D) $67,000. E) $124,000 13) 13) A sporting...
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