Cost of goods to e: Price of goods to in Ocean freight insu
Q: How to calculate the cost of goods available for sale and cost of goods sold
A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…
Q: Explain the difference between the terms FOB destination and FOB shipping point.
A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…
Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…
A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…
Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold
A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…
Q: Sales to Y Sales to others Cost of goods sold
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: What are the methods used to determine the cost of goods?
A:
Q: Describe about concept of the GOODS ON CONSIGNMENT?
A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods…
Q: What is the Cost of goods sold equation?
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: amount should be reported as cost of goods sold?
A: The inventory should be valued at the lower of cost or net realizable value. The value of inventory…
Q: Define goods in transit? Explain?
A: Goods are the inventory of the seller and for purchaser, the goods can be the raw material, if the…
Q: Please find the following: Conversion Cost Manufacturing Cost Cost of Goods Sold Cost of Goods…
A: Conversion cost means the total of direct labor and factory overhead where as manufacturing cost…
Q: Shipping of Costs for a Shipping Department
A: What is shipping and handling? Shipping and handling is the process of preparing and packing an…
Q: why service industry involve operating expenses and retail industry involve operating expenses and…
A: Service Industries include those companies which offers only services to other industries. Retail…
Q: Selling Expense is an example of Period cost Product cost Cost of sales Cost of…
A: Selling expense are those expense that incurred on selling the product after manufacturing. For…
Q: Define cost of goods sold.
A: Cost: It refers to the sum total of economic value to get an asset in place and ready for use.
Q: What are the main differences between fob destination in fob shipping point?
A:
Q: How do you compute the unadjusted cost of goods sold?
A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…
Q: why is CIRO and PIRO used in the importing process
A: CIRO: CIRO stands for Courier Imports Remission Order. This order directs that any goods that are…
Q: how to find cost of goods sold
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: Cost of Goods Sold = [ ? ]
A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…
Q: cost of goods in process inventory
A: Cost of goods sold = Sales - (Sales * Gross Profit rate) Sales = P20000000 Gross profit rate = 30%…
Q: What is the role of Finished-goods inventory?
A: Stock is the term used for the products that are ready for sale and raw materials used to create…
Q: What is the cost of goods sold?
A: Retail inventory method refers to an accounting method which is used by the companies to compute the…
Q: cost of goods sold
A: Net purchases = Purchases - Purchase returns Grant Lee Purchases $355,200 $185,800 Purchase…
Q: Expenditure Cycle Controls include: Select one: O a. Transactions authorization O b. Set Up Accounts…
A: An expenditure cycle refers to an work relating to payment for goods ans and services and their…
Q: What are the differences between FOB shipping and FOB destination?
A: FOB shipping: FOB (Free On Board) shipping point is one of the terms of inventory sale. Under the…
Q: What is the initial cost for transporting the goods as shown in the below table?
A: As question does not specify from which method to apply, SME will solve using North West Corner…
Q: What is the Cost of Goods Sold for the period?
A: The cost of goods sold is calculated as beginning finished goods inventory plus cost of goods…
Q: Discuss the cost structure of sea transport
A: Sea transport is considered as a vital role in the transportation of bulk materials such as crude…
Q: which party would pay for freight costs
A: The furniture company in California is the buyer. The seller is a company located in Michigan. The…
Q: etc. The return of such goods to the suppliers is recorded in the
A: Option a is wrong because one among the options is correct. Option b is wrong because returns inward…
Q: How does FOB Shipping Point differ from FOB Destination
A: FOB means Free on Board [ or Freight on Board]. FOB…
Q: cost of goods sold.
A: Understating ending inventory will overstate Cost of Good sold
Q: What is cost of goods sold and what does it consist of?
A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…
Q: Cost of Goods Sold
A: Under LIFO inventory value Inventory that is brought at a later date need to be sold first Closing…
Q: Compute the following: a) Net sales revenue b) Cost of goods sold
A: Gross profit is the amount earned from selling the company's products or rendering services. It is…
Q: Define Freight-in.
A: Purchases: The amount of cost of merchandise bought during a certain period is referred to as the…
Q: WHAT IS THE TOTAL COST OF GOODS SOLD?
A: Cost of goods sold in the business means how much total costs has been incurred on manufacturing of…
Q: Cost of goods sold and gross profit and net profit
A: Trading and profit and loss account Trading account shows sales and expenses incurred in…
Q: What factors other than the number of units shipped are likely to affect the company shipping…
A: Shipping expense: It refers too the cost of postage and related transportation to move the package…
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- Freight costs are also known as freight charges or freight rates. It is the amount paid to a carrier company for the transportation of goods from the point of origin to an agreed location. It is the most important component of a transportation company's revenue.Considering the above principle, Syarikat Pengangkutan Lori Tumpang Pantai Timur Transport Sdn. Bhd. in Tumpat, Kelantan is to deliver 30mt of goods to Syarikat Mah Sing Plastics Industries Sdn. Bhd in Port Klang, Selangor with a total distance of 491.3 km per way and toll charges RM24.70/way on a deadheading basis.The breakdown of the direct and variable costs for the calculation of freight charges for the above truck's journey are as below: Destination: Tumpat to Port Klang Item Basis Monthly maintenance Monthly 9,580Salary…PLEASE USE EXCEL Paul Bergey is in charge of loading cargo ships for International Cargo Company(ICC) at the port in Newport News, Virginia. Paul is preparing a loading plan for an ICC freighter destined for Ghana. An agricultural commodities dealer wants to transport the following products aboard this ship.Commodity Amount Available Volume per Ton Profit per Ton (tons) (cubic feet) ($) A 4,800 40 70B 2,500 25 50C 1,200 60 60D 1,700 55 80 Paul can elect to load any and/or all of the available commodities. However, theship has three cargo holds with the following capacity restrictions.Cargo Hold…Use the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried at
- . A retailer is considering the purchase of 100 units of a specific item from either of two suppliers. Their offers are as follows: A: $780 a unit, total of $78,000, 1/10, n/30, plus freight of $1,500. B: $800 a unit, total of $80,000, 2/10, n/30, no charge for freight. Which of the two offers, A or B, yields the lower price? Answer: ______________________________________________________________________ Explain your answer: ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Garcia Company is trying to decide whether to purchase identical inventory from one of the following suppliers. Cost Invoice terms Shipping terms Shipping cost Supplier A $280 1/10, n/30 FOB shipping point $28 Supplier B $290 2/10, n/30 FOB destination $30 Required: Assume the company will pay within the discount period. What is the actual cost of the inventory if purchased from each supplier?The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:12. If the term is FOB destination, freight prepaid, how much net cash dis Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
- If NetSolutions (the buyer) purchases merchandise from a wholesale company or vendor (the seller) and the NetSolutions pays the transportation costs (freight/shipping terms--FOB Shipping), who owns the merchandise while the merchandise is in transit? Group of answer choices NetSolutions the vendor the trucking company No one (neither the buyer or the seller) until the merchandise is delivered.A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight.Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200.Determine the buyer’s and seller’s responsibility in a commercial transaction. Exquisite Exports inc. based in St-Jérôme, QC sells products to Total S.A. in Paris, France, under the following terms: Terms of sale: CPT, port of Le Havre, Incoterms 2020 20 wooden pallets with Maple syrup loaded in on 40-ft ocean container Terms of delivery: ocean freight Terms of payment: open account, net 60 days Who selects the freight forwarder and pays the ocean freight charges?
- If NetSolutions purchases merchandise inventory and pays the shipping or freight costs, the shipping terms are called ___________________. Group of answer choices FOB (free on board) destination FOB (free on board) merchandise FOB (free on board) shipping FOB (free on board) salesThe following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:10. If the term is FOB shipping point, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:11. If the term is FOB destination, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
