amount should be reported as cost of goods sold?

Q: What does inventories /sales ratio mean?

A: An accounting metric used to measure liquidity, solvency, efficiency etc. of a business entity is…

Q: Briefly explain the difference between gross profit, net profit and EBIT.

A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: Cost of goods sold is an operating expense. A.True B.False

A: Introduction:- Income statement shows company's income and expenses over a  period of time. Formula…

Q: Should inventory be measured initially at its market value or at cost?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What are the unofficial earning measures of revenue?

A: Unofficial earning measures of revenue are often called as non-GAAP (Generally Accepted Accounting…

Q: How to calculate total selling expense

A: Selling expenses are the expenses incurred to sell a product to the customer.

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: what about (g) inventory ?

A: Days in inventory ratio shows the number of days for which inventory remains unsold before it is…

Q: On July 10, 2025, Wildhorse Music sold CDs to retailers on account and recorded sales revenue of…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

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: why service industry involve operating expenses and retail industry involve operating expenses and…

A: Service Industries include those companies which offers only services to other industries. Retail…

Q: What is a merchandiser?

A: Merchandiser is a business that purchases goods  and resells to customers…

Q: What is the difference between direct and indirect expenses?

A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for…

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: How to get or compute the gross sales

A: Gross sales is presented in income statement.

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: What is Inventory turnover rate?

A: Ratio analysis: It refers to the quantitative technique of financial analysis that allows gaining an…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…

A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…

Q: factors affect inventory turnover ratio

A: The inventory turnover ratio is a financial ratio. It is the rate at which a company is managing its…

Q: how is the selling price computed

A: Formula: Selling price=Cost100%-Gross profit ratio

Q: Explain how cost information differs for profit measurement/inventory valuation requirements…

A: Cost information serves different purposes in accounting and decision-making, leading to differences…

Q: What is the gross profit and how do i calculate it

A: Manufacturing department profit is also known as gross profit. This profit includes only costs…

Q: How do you calculate gross profit as a percentage of sales?

A: Gross profit as a percentage of sales, also known as gross profit margin, is a financial metric used…

Q: What is the effect on the cost of goods sold, gross profit, and net income if ending merchandise…

A: Ending inventory is the value of inventory available on hand at the end of the accounting period.

Q: cost of goods sold

A: Option a - Direct wages are part of cost of goods sold Option b - Purchases are included while…

Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…

A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…

Q: How should you compute the number that appears as "cost of good sold" in a common-size income…

A: Lets understand the basics.There are two type of analysis are made.(1) Verticle analysis(2)…

Q: What is meant by subjective discretionary income?How does it affect purchases?

A: Consumer is dealing with different types of income and expenses. All these would be considered on…

Q: What is the difference between classifying an expense by nature or function?

A: Expenses: Expenses means money spent for getting revenue to the entity. It involves cost of…

Q: what is asset? what is gross profit?

A: Financial statements: These are the financial reports prepared by an organization for a financial…

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…