Cost of goods manufactured equals $90000 for 2019. Finished goods inventory is $2000 at the beginning of the year and $5500 at the end of the year. Beginning and ending work in process for 2019 are $4000 and $5000, respectively. How much is cost of goods sold for the year? $92500 $86500 $88000 $93500

Q: For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate…

A:

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…

Q: Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0     Compute the adjusted…

A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…

Q: The following relate to God's blessings enterprise for the year ended 31 December 2019. Production…

A: Workings: Given values: Finished goods opening inventory cost =  255000

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: When home office ships inventory to Branch at above cost. Then investment in Branch will debited…

Q: Brambie Corp. has 240000 of ending finished goods inventory as of December 31, 2019. If beginning…

A: Cost of goods manufactured is the total cost incurred to produce the products and transfer them into…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: Overapplied = Applied overhead-Actual overhead

Q: Blizzard, LLC manufactures snowboards. BLLC began 2020 with an inventory of 250 boards. During the…

A: Variable costing is a method of costing that considers variable costs while determining the cost of…

Q: BC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in…

A: gross profit ratio = gross profit  / net sales = RO 18750/RO 75000 = 25%

Q: At May 1, 2020, Marigold Company had beginning inventory consisting of 160 units with a unit cost of…

A: Inventory is the current assets represents under the head current asset in the balance sheet of the…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: 8. On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Inventory is the combination of all the goods which are ready for sale, goods which are in process,…

Q: 5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Top Corp uses LIFO accounting for inventory. Top begins the first quarter of 2020 with 800 units…

A: Definition of LIFO method of accounting:  Under LIFO method of accounting, cost of recent products…

Q: During 2020, Fresh Express Company sold 2,400 units of its product on September 20 and 2,500 units…

A: Working Notes: Operating expenses = Number of units sold×Per unit=2,400+2,500×$15=$73,500

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:…

A:

Q: Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending…

A: We have the following information: Beginning Finished Goods Inventory: $70,000 Ending Finished…

Q: Required: Prepare correct income statement data for the two years. What is the cumulative effect of…

A: Given- Ending inventory  at December 31, 2019 was overstated  $5,000 So, correct value of ending…

Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: With this information, how many units and at what cost are in inventory to start February? How many…

A: Introduction Inventory valuation using Last In First Out (LIFO) method assumes that the inventory…

Q: Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Use the following income to answer all questions in this section: Music, Inc. had the following…

A: Cost of goods manufactured = Beginning WIP + Total manufacturing costs - Ending WIP Cost of goods…

Q: 5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The total manufacturing cost for Golden Company for the year 2020 was P5,700,000. If the Beginning…

A: Cost of goods manufactured means total costs incurred for manufacturing and production of goods. It…

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost…

A: Introduction: Ending inventory is the cost of goods on hand just at end of a reporting period. A…

Q: ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales…

A: The cost of sales can be estimated as a % of sales.   In 2019 cost of sale was 75000-18750  = 57250…

Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Cost of inventory includes all cost that incurred in purchasing and carrying to the location as…

Q: 1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000…

A: Branch and Head office concept comes in to existence  where company is running from more than one…

Q: Bramble Corp. has $24000 of ending finished goods inventory as of December 31, 2019. If beginning…

A: Cost of goods manufactured indicates the cost incurred to produce the finished goods that are ready…

Q: Stigma industries has the following beginning inventory and purchases for 2020: 400 12each 4,800 e…

A: Inventory management forms a key part in producing an product efficiently and used to value the…

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: Lets understand the meaning of the "Allowance for overvaluation of branch inventory" account.  This…

Q: Swifty Corporation has $18000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods manufactured is the total cost incurred to produce the products and transfer them into…

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000.  They sold goods that cost…

A: Cost of goods sold is calculated by adding beginning inventory and purchases and deducting ending…

Q: December 28, 2019, Carr Company purchased goods costing P500,000. The term is FOB Destination. Some…

A: Solution: cost for goods included in inventory = purchased cost of goods  = 500,000

Q: Grit Company had the following for 2019: • Purchase - P40,000 Purchase returns and allowances P2,000…

A: Purchase P40,000 Less: Purchase returns and allowances -P2,000 Net Purchase P38,000 Add:…

Q: On December 31, 2019, the inventory of Powhattan Company amounts to $800,000. During 2020, the…

A:

Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…

A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold

Q: Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw…

A: Change in Inventory Valuation Method: A change in the technique of calculating inventory costs is…

Q: |The following relate to God's Blessings enterprise for the year ended 31 December 2019. GHC…

A: Provision for unrealized profit is used to ensure that the closing stock is valued at cost according…

Q: The raw material inventory records card for material X shows the following data: On May 2, 2020, the…

A: FIFO Method - It is method used for valuation of inventory in which the oldest products in a…

Q: Compute number of days sales in inventories. * 2020 2019 Sales 1,000,000.00 800,000.00 Cost of goods…

A: Inventory turnover is the average amount of time a company keeps its inventory before selling it.…

Q: Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process…

A: SOLUTION- PARTICULARS   AMOUNT OPENING RAW MATERIAL 20000   Add Purchase  100000   Less…

Q: During 2021, Sheridan Company purchased $4100000 of inventory. The cost of goods sold for 2021 was…

A: Solution: beginning inventory = cost of goods sold + ending inventory - purchases =4049000 + 410000…

Q: A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases…

A: Last in First Out (LIFO) - Under LIFO Method, Inventory purchased last is sold first. Under this…

Q: Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 72000 117000 Purchases 802000 1317000 Total 874000 1434000…

Q: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 30,000…

A: The cost of goods sold is the cost for the goods that are sold during period.

Q: On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB…

A: Given Information :  Goods purchased = 500,000 Shipment = 10,000 Shipping = 15,000