2021 Sales P190 Cost of Goods Sold 150 Gross Profit P40
Q: O’Connor Company’s income statement iriformation for 2019 and 2020 ( a sole proprietorship) is as…
A: Under cost accounting formulas, Cost of goods sold = Beginning Inventory + Purchases - Purchase…
Q: December 31, 2021 P1,500,000 950,000 December 31, 202 P1,400,000 ventory ccounts payable 980,000 or…
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Cost of goods sold =…
Q: How much is the cost of goods sold in 2019?
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: Company TY 012021 Fiscal Period 0212020 02/2019 (AN in milons, ercopt per share dbra) Income…
A: A cash flow statement shows the inflow and outflow of cash for a reporting period under various…
Q: What is the AFTER-TAX MONTHLY INCOME for the SALES position?
A: Gross income is the income which an employee earns during the year or month and on which there has…
Q: Revenue (with VAT) - 300 Costs of sales 270 Selling costs - 20 Profit from sales (profit +, losses…
A: Answer - Calculation of Profit/ Loss - Particular Amount Revenue with VAT 300 Less :…
Q: 2021 2020 $ 88,000 $ 70,000 93,000 Accounts receivable Inventory Net sales (all credit) Cost of…
A: Formula: Receivables turnover ratio = Net credit sales / Average accounts receivables. Division of…
Q: Manuel's cost of goods sold for the year is a. P257,000 b. P260,500 C. P261,000 d. P269,500 499
A: Raw Material used in production = Beginning Raw Material + Raw Material Purchased - Ending Raw…
Q: Net Sales Revenue Cost of Goods Sold Average Inventory 2017 $ 5,430 4,100 765 2018 $ 6,080 4,580 880
A: Formula: Inventory turnover ratio = Cost of goods sold / Average inventory Division of Average…
Q: ow much should be shown in FIVE's 2021 income statement as gross rental income? ₱ 60,000 ₱ -…
A: There are two type of leases which are, (1) Operating lease (2) Financial lease Operating lease is…
Q: Sales Net Beg Net Ending Sales returns Sales Inventory Purchases Inventory 1 5,000 80,000 24,000…
A: Sales: It is an activity where the goods and services are sold to the customer for a certain price.…
Q: Net income. $ 52,250 Sales (all on credit). 295,000 Cost of goods sold.. 123,000. Interest expense.…
A: Average Inventory = Opening Inventory + Closing Inventory 2…
Q: Blue Co. presents the following per unit data: 2022 2021 Sales P900 1,000 Cost of Goods Sold 800 850…
A: Cost Price variance: The price variance is calculated by multiplying the real unit cost of a…
Q: Sales revenue Sales returns and allowances Net sales revenue Cost of goods sold Gro Ho 5,750 jogo…
A: Introduction: Gross Profit: Deduction of Cost of goods sold from Net sales revenue derives the Gross…
Q: lnčômé Stätên 2019 and 2020 2020 2,490,760 1,524,340 990,568 5,005,668 Revenue 2021 3,780,000…
A: Operating Expenses: In the business world, an operational expenditure is a cost that a company…
Q: Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here:…
A: A) Net income/ number of outstanding common stock Net income = 213500. Common stock value (Par…
Q: Furniture industry company Income statement 30st Dec 2020 to 2022 Year 2020 2021 2022 revenue Sales…
A: Profitability ratios are a class of financial metrics that are used to assess a business's ability…
Q: Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income…
A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…
Q: 15. Sales revenue Cost of goods sold Sales discounts P480,000 300,000 20,000 15,000 Sales returns…
A: Net Sales means sales revenue after deducting all the sales discounts and sales returns, allowances…
Q: Sales Cost of Sales Gross Profit Operating Expenses (b) Net Income P75,000 (a) P40,000 P17,000
A: Gross profit is the difference between sales and cost of sales. Net Income is the difference between…
Q: EE19.8 (LO 2) Vertical analysis (common-sizc) pereentages for Palau Company's salcs revenuc, cost of…
A: Vertical analysis means the analysis done with the common size income statement in which the data…
Q: 18. Using the information in MC 17, under accrual basis, what amount should be reported as gross…
A: Accrual basis of accounting says that all expenses incurred in the particular period shoul be…
Q: 2020 2019 Net sales $4,800 $5,600 Cost of goods sold $3,888 $3,637 Net income $77 $147 Accounts…
A: Gross Profit is the difference between the Revenue from Operations generated and the Cost of Goods…
Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2020 P2200.000 2019 Sales…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: The cost of December merchandise purchases would be: P255,000 P139,500 P235,500 P240,00
A: Budgeting seems to be the practice of defining performance targets and placing these into a written…
Q: Analysis Component: The gross profit realized on the sale of Product W506 during February 2020 was…
A:
Q: es erest income, net of final st of sales
A: Working: Allowable deductions from Gross income: →Salary expense →Interest expense →Rent expense…
Q: If the net sales 159 150 ID , beginning -1 finished goods inventory 16 500 ID „Cost of goods…
A: Solution- Calculation of cost…
Q: Calculate the following: APPLE Mark-up 25 Percent Sales N$ 50 000 Inventory 01.03.2019 N$ 13 800…
A: Gross Profit = Sales - Cost of goods sold
Q: Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000
A: Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…
Q: Precision Tools 2021 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings…
A: Formula: Times interest earned ratio = Earnings before interest and taxes / Interest expense
Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2019 2020 Sales Revenue…
A: 1. Vertical Analysis - The Statement of Financial Position - The statement of financial position is…
Q: P15.6 (LO 2) The comparative statements of Beulah Limitcd are presented below. Beulah Limited Income…
A: Hello I am only answering first three subparts of the question as per the policy and if you want…
Q: BE18.8 (LO 2) Vertical analysis (common-size) percentages for Palau Company's sales goods sold, and…
A: Vertical analysis refers to the comparison of items in two or more years. The percentage of each…
Q: Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31,…
A: Cost of goods sold = Opening finished goods + Cost of goods manufactured in the current period -…
Q: Calculate the following: Company A Mark - up 25 percent Sales…
A: Gross profit is the difference between sales and the cost of sales. Mark up is always calculated on…
Q: ($ illions) Revenues $ 100 Cost of Goods Sold 60 Gross Profit 40 Operating Expense 20 Earnings…
A: Profit margin ratio is the percentage measure of the profit of the entity concerning the sales…
Q: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue…
A: The income statement is prepared to find the net income or loss incurred during the period.
Q: Retail $ 56,000 $ 80,000 223,040 330,000 6,000 8,000 307,000 1.02 Cost Beginning inventory Net…
A: Dollar Value in LIFO Method To calculate the Dollar value in LIFO Method which can be taken first…
Q: . The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Net sales for 2021 if price does not change= Sales of 2021 / (1 - decrease in sales %) =…
Q: 890 Inventory Turnover Ratio 2021 Q = ·.1.
A: Introduction:- Inventory turnover ratio is the cost of goods sold divided by the average inventory…
Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…
A: Cost of goods sold if unit cost not increased = Cost of goods sold / (1 + increased%) = 530000 /…
Q: On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The…
A: "Inventory" refers to the practice of counting items. In accounting, inventory is a current asset…
Q: Operating expenses $ 49000 Sales revenue 208000 Cost of goods sold 157000 The gross…
A: Gross profit rate helps the company to compare gross margin to the net sales. This rate tells the…
Q: BCD Co Financial Statements Income Statement for the year ended 31 December 2020 RM (mil.) RM…
A: Cash flow statement The purpose of preparing the cash flow statement is to know know the net cash…
Q: Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000
A: Cost of sales is computed by the formula:- Cost of sales = Beginning Inventory + Purchases + Freight…
Q: Sales P247,500 P200 P30,000 Unfavorable Cost of Goods Sold 190,000 160,00 Gross Profit P57,500…
A: Sales price variance is due to change in price.
Q: PA16. LO 10.5 Use the following information relating to Clover Company to calculate the inventory…
A: Solution:- 1) Calculation of Inventory turnover ratio as follows under:-
Q: (in millions) 2020 2021 2022 Beginning inventory $2,000 $2,400 $2,600 Ending inventory 2,400 2,600…
A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
What is the sale price variance under 3-way analysis?
Step by step
Solved in 2 steps
- Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory? $1120000. $1520000. $0. $1020000.ATC's common-size income statement for 2020 would report cost of goods sold as: a) Up by 5.3% b) 139.5% c) 65.9% d) 30,000 million
- BC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 22500 c. RO 75000 d. RO 71250Mabuhay Corporation generated these gross profits during the past recent ears when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The change in gross profit due to change in quantity sold must be * P151,896 UF P259,200 F P107,304 UF P107,304 FAssume the following cost of goods sold data for a company: 2023 $1295360 2022 1209000 2021 1012000 If 2021 is the base year, what is the percentage increase in cost of goods sold from 2021 to 2023?
- also could you please explain why ,cost of goods avarage for sale2020,and cost of goods sold change both of them? Staley Watch Company reported the following income statement data for a 2 year period: 2019 2020 Sales $210,000 $250,000 Cost of Goods Sold Beginning Inventory 32,000 44,000 Cost of Goods Purchased 173,000 202,000 Cost of Goods Available for Sale 205,000 246,000 Less: Ending Inventory 44,000 52,000 Cost of Goods Sold 161,000 194,000 Gross Profit 49,000 56,000 Staley uses periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5,000. Required: Prepare correct income statement data for the two years. What is the cumulative effect of the inventory error on total gross profit for the two years?Bulalugaw's cost of sales in 2020 is 95,000. Their inventory in 2019 and 2020 are 50,000 and 40,000 respectively. Compute for their inventory tunrover.Prepare a gross profit variation analysis for two products. 2021. 2020 A. B. A. B Sales volume. 7,000 5,000. 9,000. 2,500Unit selling price. P 6.00. P. 4.00. P 7.00. P 5.00Unit cost. P. 4.00. 2.00 6.00 3.00Determine the following: a) Volume factor b) Price factor c) cost factor d) sales mix factor
- For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020, Hamilton Company had Sales of $4,800,000 and Cost of Goods Sold of $2,900,000. a. What was the Cost of Goods Sold as a percent of Sales for 2021? b. What was the Cost of Goods Sold as a percent of Sales for 2020? c. Did Hamilton show improvement from 2020 to 2021? d. Is this an example of horizontal or vertical analysis?The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The beginning inventories of goods in process and finished goods are ₱82,000 and ₱65,000, respectively. The ending inventories are: goods in process –₱75,000; finished goods –₱55,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of sales, respectively. How much would be the net profit before tax in the year 2019? 45,725 ₱ 53,250 ₱ 90,000 ₱ 83,000Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity sold must be: a. P42,710 U b. P44,710 F c. P63,290 U d. P108,000 F