Give the solution: How much is the total cost of goods sold?
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: Compare and contrast the differences and similarities between Cost of Goods Sold and Net Profit.
A: Cost of goods sold (COGS) represents the direct cost of producing the goods. These are the direct…
Q: Revenue minus all direct costing of making the goods or supplying the service is known as? a. Gross…
A: All the direct costs to make the goods constitutes the cost of goods sold.
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by…
Q: ow much is the total net revenue? ow much is the total net profit from the operation ow much is the…
A: As per rule, allowed to answer one question and post the remaining in the next submission.
Q: Define the term profit Margin on Sales?
A: The profit margin on sales is the ratio of net income to sales. The profit margin on sales is…
Q: P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the…
A: P/V ratio also known as profit volume ratio is a ratio that determines the amount of profit attained…
Q: What do you understand by rate of markup on cost and rate of markup on selling price, illustrate…
A: Answer: Mark-up is nothing but the difference between a good or service’s selling price and its…
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 how costs of goods and other costs such as taxes contribute to the performance besides sales?
A: Performance of the business is usually measured by the ability of the company to generate the net…
Q: Which of the following is an opportunity cost? marginal cost cost of sales O lost sales cost of…
A: Introduction: Opportunity cost: Cost for the opportunity lost called Opportunity cost.
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: How is the profit margin on sales calculated?
A: Profit margin on sale: it's categorized under profitability ratio , generally this ratio is used to…
Q: : The difference between total sales revenue and total cost of goods sold is the Group of answer…
A: Trade margin = Total sales revenue - Total cost of goods sold
Q: Cost of Goods Sold = [ ? ]
A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…
Q: What are these equations? c.Under absorption costing, what is the cost of goods sold? d.Under…
A: Hey, since there are multiple subparts posted, we will answer the first three subparts. If you want…
Q: What are the main differences between a perpetual system and a periodic system? In your…
A: In accounting, there may be different methods to record a financial transaction. The selling and…
Q: An analyst is constructing a simple model to determine the gross and net profit of a product, given…
A: Profit per unit = $ 4 Quantity = 11,700 Units Therefore Gross profit = Profit per…
Q: This is only the information given to us: 1) How much is the cost of goods manufactured?
A: Cost of goods manufactured shows total costs incurred on the manufacture and production of goods in…
Q: Is the cost of sales under weighted average always greater than the cost of sales in FIFO?
A: as FIFO method of inventory valuation goods purchased first will be used first or sold first. The…
Q: What is the consolidated cost of goods sold?
A: On 30.06.2021, ABC acquired EFG = 70% Financial statement of 2022 states that : 1. In 2021, EFG sold…
Q: How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
A: Cost of goods manufactured means total costs incurred on the goods that are produced and…
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: s it always higher in cost of goods sold in Weighted average compared to FIFO?
A: Inventory and cost of goods sold can be value on the basis of FIFO or LIFO basis. In LIFO , cost of…
Q: The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following…
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
Q: What is the difference between the methods of calculating cost of goods, periodic vs perpetual?
A: Inventory: Inventory refers to the goods purchased or material purchased and manufactured which is…
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: estion will save this respo I using: cost of good available for cost of goods sold, sales
A: The right answer is option d Gross sales, Sales return &allowances, sales discount
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: Determine the following amounts. Round your answers to the nearest dollar. a. Cost of goods sold b.…
A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…
Q: Which product line has the highest gross profit %? Which product line has the highest net income %?
A:
Q: What concept relates to the proportionate savings in costs gained when levels of production are…
A: Lets understand the meaning of all the terms given in the question. Accounting profit is a terms…
Q: How much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost…
A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means…
Q: Consider the following: Code: A = Gross profit to net sales ratio B = Gross profit to cost of…
A:
Q: A cost - based transfer price considers the cost of producing the goods when determining the price.…
A: At the time of determining the prices of the goods, the cost of goods-producing is required to 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: what is the estimated cost of goods sold & the estimated gross margin
A: The answer for the theory question on estimated cost of goods sold and estimated gross profit margin…
Q: The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross…
A: Gross profit is calculated by deducting the cost of goods sold from the sales. The percentage of…
Q: i.) Determine the cost of goods sold using each of the following flow assumptions:
A:
Q: total net revenue
A: Statement of comprehensive income is a part of financial statements which shows the net income from…
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: gross profit
A: We can find cost of Good sold by preparing Trading Account Also we can find Gross profit of the…
Q: Please check if my statement of the cost of goods manufactured and sold in good form is correct.…
A: Cost of goods manufactured shows total costs incurred on manufacturing and production of goods. It…
Q: What does the term sales mix mean? How is a weighted-average unit contribution margin computed?
A: Contribution Margin is defined as the difference between the sales and the variable cost. In other…
Give the solution:
- How much is the total cost of goods sold?
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- Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
- Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
- Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?Effects of Inventory Costing Methods Refer to the information for Tyler Company above. Required: 1. Which inventory costing method produces the highest amount for net income? 2. Which inventory costing method produces the lowest amount for taxes? 3. Which inventory costing method produces the highest amount for ending inventory? 4. How would your answers to Requirements 1-3 change if inventory prices declined during the period?
- Retail method; gross profit method Selected data on inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during May through October?Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods soldInventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?