GIVE PROPER EXPLANATION OF COST OF GOODS AND GROSS MARGIN. YOU MADE A SALE FOR $588,000. THE CUSTOMER PAID IN CASH. YOUR GROSS MARGIN IS 61%. WHAT IS YOUR 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: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: How is the cost of goods sold calculated?

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: How you get the gross profit and cost of goods sold

A: Gross Profit -Gross Profit is a Profit earned by the entity from the customer. It is the profit…

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A: The future value of the growing annuity is the future worth of current cash flows which are expected…

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: What is Cost of Goods Sold (COGS) and how is it calculated? What is Gross Profit and how is it…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: Council Rates is in Cost of Goods Manufactured or Income Statement? Why?

A: Cost of goods manufactured:- Cost of goods manufactured is defined as the statement that includes…

Q: How to calculate total selling expense

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

Q: How is standalone selling price defined?

A: Performance Obligation: Performance obligation refers to the obligation that the seller to provide…

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: the way to adjust purchases in order to arrive at the cost of sales figure is to ?

A: Cost of Sales = Opening Inventory + Purchases - Closing Inventory

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: Is the book value of inventory on hand a relevant cost? Why?

A: Bearing on the future:   The significances of decisions are borne in the future, not the past. To be…

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: 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: how do you get sales revenue?

A: Required  How do you get sales revenue?

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: What are the pitfalls of franchising?

A: Franchising is a licensing that one party takes from the business owner. It allow that party to…

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…