Allied Company, a seller of goods, had the following transactions: Cash sales 300,000 Credit Sales 400,000 Installment Sales(30% collected) 500,000 Shipping fee charged to customers 50,000 Excise Tax 20,000 Sales returns and allowances 100,000 Volume discount and rebates 10,000 Consignment Sales(30% commission) 100,000 Trade discount 120,000 How much is gross selling price?
Allied Company, a seller of goods, had the following transactions: Cash sales 300,000 Credit Sales 400,000 Installment Sales(30% collected) 500,000 Shipping fee charged to customers 50,000 Excise Tax 20,000 Sales returns and allowances 100,000 Volume discount and rebates 10,000 Consignment Sales(30% commission) 100,000 Trade discount 120,000 How much is gross selling price?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Allied Company, a seller of goods, had the following transactions:
Cash sales 300,000
Credit Sales 400,000
Installment Sales(30% collected) 500,000
Shipping fee charged to customers 50,000
Excise Tax 20,000
Sales returns and allowances 100,000
Volume discount and rebates 10,000
Consignment Sales(30% commission) 100,000
Trade discount 120,000
Credit Sales 400,000
Installment Sales(30% collected) 500,000
Shipping fee charged to customers 50,000
Excise Tax 20,000
Sales returns and allowances 100,000
Volume discount and rebates 10,000
Consignment Sales(30% commission) 100,000
Trade discount 120,000
How much is gross selling price?
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