Find Cost of goods sold and Gross profit
Q: Based on the above information, what are the number of units available for sale? and how much is the…
A: Please see Step 2 for the required information.
Q: How is the cost of goods sold calculated?
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
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: What is Cost of Goods Sold (COGS) and how is it calculated? What is Gross Profit and how is it…
A: The income statement is prepared to record the revenues and expenses of the current period.
Q: How is Income from Operations determined? A) Net Sales - Selling Expenses - Administrative Expenses…
A: Net sales - Cost of goods sold = Gross profit
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: How do I solve for the Cost Of Goods Sold?
A: Cost of goods sold is actual cost of goods that are being sold by the seller to the customers. This…
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: How much is the cost of goods manufactured?
A: Cost of goods manufactured in the business shows total costs incurred in manufacture and production…
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: Cost of goods sold is also called cost of sales.
A: Cost of goods sold is the direct cost of producing those goods which are sold by the company during…
Q: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…
A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…
Q: what is the total cost of ?goods manufactured
A: Cost of goods manufactured = Beginning Work in progress + Manufacturing costs incurred - Ending work…
Q: How much is the total cost of goods available for sale?
A: solution given Purchases 1264500 Purchase return and allowances 39725 Freight in…
Q: The cost of units sold is recorded by debiting Cost of Goods Sold and crediting
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…
Q: determine the cost of merchandise sold.
A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…
Q: e the cost of goods manufactured:
A: Direct Material used $ 120 Direct Labour $ 200 Manufacturing…
Q: cost of goods sold
A: Net purchases = Purchases - Purchase returns Grant Lee Purchases $355,200 $185,800 Purchase…
Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…
A: Expenses are those costs which are required to be incurred by the company to smoothly run the…
Q: Calculate Gross profit ratio
A: Gross Profit is the difference between Sales Revenue and Cost of Goods Sold. Gross Profit = Sales…
Q: What is the answer to the Cost of goods sold?
A: Cost of goods sold means the difference between the sale and gross profit . It means the cost of…
Q: How to calculate gross margin and gross sales
A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…
Q: Prepare the statement of the cost of goods manufactured and sold in good form.
A: Work in progress means where the raw material has enter in to phase of production but still finished…
Q: Explain an example how to calculate gross profit.
A: Gross profit is the left over revenue after deducting all direct costs of making the products or…
Q: 1. What is the cost of goods available for sale? 2. What is the gross profit?
A: Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…
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: How much is the total cost of goods manufactured?
A: Cost of goods manufactured is the sum total of all direct expenses like material and labour costs…
Q: Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and…
A: a.
Q: the cost of goods sold is
A:
Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…
A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…
Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.
A: Flow of cost means allocation of various cost to inventory It refers to a process of allocating…
Q: Give the solution: How much is the total cost of goods sold?
A: For an investor or other stakeholders, income statement or statement of profit or loss is an…
Q: what is the cost of goods available for sale
A: The cost of goods available for sale is the sum of beginning inventory and the goods produced during…
Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of…
A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be…
Q: The difference between net sales and cost of goods sold is called (a) gross profit.(b) net…
A: Gross profit/margin: Difference between the sales and the cost of goods sold is called gross margin.…
Q: cost of goods sold.
A: Understating ending inventory will overstate Cost of Good sold
Q: i.) Determine the cost of goods sold using each of the following flow assumptions:
A:
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: 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: gross profit
A: We can find cost of Good sold by preparing Trading Account Also we can find Gross profit of the…
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: how much is the cost of goods manufactured?
A: Cost of goods manufactured shows total costs incurred on production and manufacturing of goods in…
Q: Selling Expenses Interest Revenue Net Sales Revenue Cost of Goods Sold Administrative Expenses
A: Net sales revenue = $113,500 Cost of goods sold = $85,000 Gross profit = Net sales revenue - Cost of…
Find Cost of goods sold and Gross profit
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- the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger controlCompute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,0001. Under accrual basis, what amount should be reported as gross sales? a. 8,900,000 b. 8,950,000 c. 8,250,000 d. 8,850,000 2. Under accrual basis, what amount should be reported as gross purchases? a. 5,250,000 b. 5,950,000 c. 5,750,000 d. 5,650,000
- Jungkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid? A. 0 B. 2,950 C. 3,050 D. 3,000Using the following information, what is the amount of gross profit? Purchases$44,000Merchandise inventory, September 16,600Selling expense1,550Merchandise inventory, September 307,100Sales94,000Interest expense1,240Administrative expense1,110Rent revenue2,200Sales :8,500,000 Purchases : 3,800,000 Include three invoices/receipts that you have obtained for purchases of item that attracts GCT Show the calculation of the GCT on the invoices/receipts
- ASAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs.…Make it into a journal entry Purchased merchandise worth P560,000 , 20% down payment, balance 2/10, n/30.The following are selected 2022 transactions of Danes Corporation: June 1 Purchased inventory from Ross Company on account for $50,000, 2/10, net /30. Danes records purchases net and uses a perpetual inventory system. July 1 Issued a $50,000, 9-month, 11% note to Ross Company in payment of account. Oct 1 Borrowed $100,000 from 1st State Bank by signing a 8-month, zero-interest-bearing $109,000 note.
- 12. Cathy company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Cathy company recognizes the unearned revenue as realized. Information for the current year:Unearned revenue, January 1 780,000Gift certificates sold 2,700,000Gift certificates redeemed 2,340,000Gift certificates unredeemed for a long time 120,000Cost of goods sold 60% What amount should be reported as unearned revenue at year end?BTS Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. BTS Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid?Q#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year2-Purchased inventory this year in the amount of $30,000 on credit3-Paid suppliers of inventory $ 18000 this year4-Collected $ 15,000 from sales.