What are the main differences between a perpetual system  and a periodic system? In your explanation, please describe when and how is Cost of Goods sold determined in a periodic system?

Q: How is total cost of goods sold and the total amount billed to customers calculated?

A: A job cost sheet is a sheet which is used to record the manufacturing costs .

Q: Discuss the accounting for sales allowances and how they relate to the concept of variable…

A: Sales Allowances: Sales allowances are like sales return but there is no physical return of the…

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: Income statement format that separates cost of goods sold into categories? Select one: a. Detailed…

A: The multiple-step income statement shows the cost in a separation method. So that we can easily…

Q: What are the methods used to determine the cost of goods?

A:

Q: What is difference between accounting for a long-term contract and accounting for a more normal sale…

A: Sale Revenue is recognized when the goods are actually dispatched and delivered to the customer. In…

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: 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: An example of an expense classifi cation by function is: C . cost of goods sold.

A: Expenses are either classified by nature or by function.

Q: Which of the following is reported as part of the operating expenses? Cost of sales…

A: The question is based on the concept of Business Accounting.

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: Describe two separate and distinct ways to calculate goods available for sale.

A: Goods available for sale is the cost of total units of finished goods (this includes both…

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 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: 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: Why do you add transportation in and do not deduct delivery expense when determining the cost of…

A: For a buyer, the cost of merchandise purchased is considered as a net cost incurred to buy the…

Q: Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or…

A: Variable cost means the cost which changes in relation to changes in the level of production. Fixed…

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: What is the proper accounting for volume discounts onsales of products?

A: Volume discounts: It is an incentive to encourage for an increase in business. The seller issue…

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: 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: 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 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: 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: Payable turnover is a measure of cost ot goods sold and accounts payable. Select one: O True False

A: Payable turnover ratio is calculated as follows -  cost of goods sold / average accounts payable

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: What are trade margins? How do they relate to thepricing for a produce, of goods?

A: A product is manufactured so that it can be sold to the consumer for the consumption purpose.…

Q: In accounting for consignment sales, sales revenue and the related cost of goods sold should be…

A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…

Q: Define and describe the differences between a sales return and a sales allowance

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

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: What are some inventory ordering costs? As defined here, are thesecosts fixed or variable?

A: Inventory ordering cost can be define as the cost that is incurred by the firm during order…

Q: What adjustment is made for underapplied overhead on the schedule of cost of goods sold? What…

A: Overhead cost: The costs other than the direct costs such as insurance, interest, repairs, taxes…

Q: What is cost of goods sold? Explain?

A: Cost of goods sold is the accumulated total amount of all the direct costs incurred in manufacturing…

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: 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: freight out/transportation out included in the calculation of cost of goods manufactured?

A: Solution Concept Freight out Freight out is the cost that is incurred in selling the goods . it is…

Q: i.) Determine the cost of goods sold using each of the following flow assumptions:

A:

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: 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: 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…