Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold.
Balance Sheet:
2/1/2021
2/29/2021
Cash
$ 200,000
$ 1,595,310
AR
$ 1,000,000
$ 1,487,096
Supplies
$ 20,000
$ 20,000
Inventory RM
$ 75,860
$ 296,190
Inventory WIP
$ 140,000
$ 120,000
Inventory finished goods
$ 179,680
$ 106,980
Equipment-office
$ 15,000
$ 15,000
Accumulated depreciation
$ (3,250)
$ (3,500)
Equipment-sales
$ 10,000
$ 10,000
Accumulated depreciation
$ (2,167)
$ (2,333)
Equipment-factory
$ 75,000
$ 75,000
Accumulated depreciation
$ (16,250)
$ (21,250)…
(The given is in the photo.)
Required:
1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020
Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,500
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- 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 atarrow_forwardAn item of inventory was purchased by company X for £500. Company X expects to sell the inventory for£700 and has to date incurred conversion costs of £130. A further £60 is expected to be incurred. Salesstaff will receive a commission of 4% from the sale.Compute the value at which this inventory item will be measured in company X’s statement of financialposition.arrow_forwardQUESTION The following information is available for work compan for 2019: Freigth-in 33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?arrow_forward
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