Homework Answers
Dear student, only one question is allowed at a time. I am answering the first question
Cost of goods sold is the value of goods sold by an organization. It is calculated as
Opening Inventory + Purchases + Direct expenses – Closing inventory
Cost of goods sold is an expense reported on income statement and is not an asset
Inventory is a current asset which is the value of goods remaining with the organization. It is reported under current assets section of the balance sheet and is recorded under income section of the income statement
So, as per above discussion, the statement in the question is False
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Cost of goods sold is an asset reported in the balance sheet and inventory is an...
Beginning inventory is $30,000. Purchases of inventory during the year are $60,000. Cost of goods sold...
Beginning inventory is $30,000. Purchases of inventory during the year are $60,000. Cost of goods sold is $70,000. What is ending inventory? Select one: a. 50,000 Ob. 20,000 O c. 20,000 O d. 30,000
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold....
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold. Merchandise available for sale. Ending inventory Question 14 5 pts A company had sales of $350,000, and cost of goods sold of $200,000. Its gross pront equals $550,000. O True 0 False
At what amount will the inventory and cost of goods sold amounts be reported on the...
At what amount will the inventory and cost of goods sold amounts
be reported on the financial statements?
Inventory at actual and cost of goods sold at standard.
Inventory at standard and cost of goods sold at standard.
Inventory at standard and cost of goods sold at actual.
Inventory at actual and cost of goods sold at actual.
Which of the following is a disadvantage of
participative budgeting?
It is a time-consuming process.
Managers may pad the budget.
Both it...
Cost of goods sold equals beginning finished goods inventory, plus cost of goods manufactured, less ending...
Cost of goods sold equals beginning finished goods inventory, plus cost of goods manufactured, less ending finished goods inventory. True or False
Cost of goods sold is the cost to the merchandiser of the goods sold that period....
Cost of goods sold is the cost to the merchandiser of the goods sold that period. It equals cost of goods available for sale less ending inventory. True False
Costs are transferred from the balance sheet to the income statement as cost of goods sold...
Costs are transferred from the balance sheet to the income statement as cost of goods sold when A. direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-in-Process Inventory account. B. the total of Cost of Goods Manufactured is determined. C. goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. D. finished goods are sold. Which of the following companies is most likely to use process costing? A. a music studio B....
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018...
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018 2019 Beginning inventory $ 20,000 150,000 $30,000 175,000 Cost of goods purchased Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Cullumber's made two errors: (1) 2018 ending inventory was overstated $3,100, and (2) 2019 ending inventory was understated $6,100. Compute the correct cost of goods sold for each year, 2018 2019 Cost of goods...
1. For Cutler Company, beginning inventory is $15,000, cost of goods purchased is $90,000, and ending...
1.
For Cutler Company, beginning inventory is $15,000, cost of
goods purchased is $90,000, and ending inventory is $20,000. What
is cost of goods sold?
2.
Jordan Corporation sold goods to Howard Company for $5,000,
terms 2/10, n/30, on September 10. On September 13, Howard returned
goods costing $400. On September 18, Jordan received payment from
Howard. On September 18, Jordan should debit Cash for
For Cutler Company, beginning inventory is $15,000, cost of goods purchased is $90,000, and ending...
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated...
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated to be $80,000. If a physical count resulted in a $15,000 ending inventory, what was the amount for cost of goods sold? $ 95,000 $105,000 $ 85,000 $100,000
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
Beginning inventory is $30,000. Purchases of inventory during the year are $60,000. Cost of goods sold is $70,000. What is ending inventory? Select one: a. 50,000 Ob. 20,000 O c. 20,000 O d. 30,000
Question 13 5 pts Beginning inventory plus net purchases is: Sales. Purchases. Cost of goods sold. Merchandise available for sale. Ending inventory Question 14 5 pts A company had sales of $350,000, and cost of goods sold of $200,000. Its gross pront equals $550,000. O True 0 False
At what amount will the inventory and cost of goods sold amounts
be reported on the financial statements?
Inventory at actual and cost of goods sold at standard.
Inventory at standard and cost of goods sold at standard.
Inventory at standard and cost of goods sold at actual.
Inventory at actual and cost of goods sold at actual.
Which of the following is a disadvantage of
participative budgeting?
It is a time-consuming process.
Managers may pad the budget.
Both it...
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018 2019 Beginning inventory $ 20,000 150,000 $30,000 175,000 Cost of goods purchased Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Cullumber's made two errors: (1) 2018 ending inventory was overstated $3,100, and (2) 2019 ending inventory was understated $6,100. Compute the correct cost of goods sold for each year, 2018 2019 Cost of goods...
1.
For Cutler Company, beginning inventory is $15,000, cost of
goods purchased is $90,000, and ending inventory is $20,000. What
is cost of goods sold?
2.
Jordan Corporation sold goods to Howard Company for $5,000,
terms 2/10, n/30, on September 10. On September 13, Howard returned
goods costing $400. On September 18, Jordan received payment from
Howard. On September 18, Jordan should debit Cash for
For Cutler Company, beginning inventory is $15,000, cost of goods purchased is $90,000, and ending...
The trial balance listed beginning merchandise inventory at $20,000, and net cost of purchases was calculated to be $80,000. If a physical count resulted in a $15,000 ending inventory, what was the amount for cost of goods sold? $ 95,000 $105,000 $ 85,000 $100,000
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
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