Give the solution: How much is the total cost of goods sold?
Q: Based on the above information, what are the number of units available for sale? and how much is the…
A: Please see Step 2 for the required information.
Q: Compare and contrast the differences and similarities between Cost of Goods Sold and Net Profit.
A: Cost of goods sold (COGS) represents the direct cost of producing the goods. These are the direct…
Q: Revenue minus all direct costing of making the goods or supplying the service is known as? a. Gross…
A: All the direct costs to make the goods constitutes the cost of goods sold.
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by…
Q: ow much is the total net revenue? ow much is the total net profit from the operation ow much is the…
A: As per rule, allowed to answer one question and post the remaining in the next submission.
Q: Define the term profit Margin on Sales?
A: The profit margin on sales is the ratio of net income to sales. The profit margin on sales is…
Q: P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the…
A: P/V ratio also known as profit volume ratio is a ratio that determines the amount of profit attained…
Q: What do you understand by rate of markup on cost and rate of markup on selling price, illustrate…
A: Answer: Mark-up is nothing but the difference between a good or service’s selling price and its…
Q: Selling Expense is an example of Period cost Product cost Cost of sales Cost of…
A: Selling expense are those expense that incurred on selling the product after manufacturing. For…
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: Which of the following is an opportunity cost? marginal cost cost of sales O lost sales cost of…
A: Introduction: Opportunity cost: Cost for the opportunity lost called Opportunity cost.
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 is the profit margin on sales calculated?
A: Profit margin on sale: it's categorized under profitability ratio , generally this ratio is used to…
Q: : The difference between total sales revenue and total cost of goods sold is the Group of answer…
A: Trade margin = Total sales revenue - Total cost of goods sold
Q: Cost of Goods Sold = [ ? ]
A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…
Q: What are these equations? c.Under absorption costing, what is the cost of goods sold? d.Under…
A: Hey, since there are multiple subparts posted, we will answer the first three subparts. If you want…
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: An analyst is constructing a simple model to determine the gross and net profit of a product, given…
A: Profit per unit = $ 4 Quantity = 11,700 Units Therefore Gross profit = Profit per…
Q: This is only the information given to us: 1) How much is the cost of goods manufactured?
A: Cost of goods manufactured shows total costs incurred on the manufacture and production of goods in…
Q: Is the cost of sales under weighted average always greater than the cost of sales in FIFO?
A: as FIFO method of inventory valuation goods purchased first will be used first or sold first. The…
Q: What is the consolidated cost of goods sold?
A: On 30.06.2021, ABC acquired EFG = 70% Financial statement of 2022 states that : 1. In 2021, EFG sold…
Q: How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
A: Cost of goods manufactured means total costs incurred on the goods that are produced and…
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: s it always higher in cost of goods sold in Weighted average compared to FIFO?
A: Inventory and cost of goods sold can be value on the basis of FIFO or LIFO basis. In LIFO , cost of…
Q: The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following…
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
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: 1. What is the cost of goods available for sale? 2. What is the gross profit?
A: Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…
Q: estion will save this respo I using: cost of good available for cost of goods sold, sales
A: The right answer is option d Gross sales, Sales return &allowances, sales discount
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: Determine the following amounts. Round your answers to the nearest dollar. a. Cost of goods sold b.…
A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…
Q: Which product line has the highest gross profit %? Which product line has the highest net income %?
A:
Q: What concept relates to the proportionate savings in costs gained when levels of production are…
A: Lets understand the meaning of all the terms given in the question. Accounting profit is a terms…
Q: How much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost…
A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means…
Q: Consider the following: Code: A = Gross profit to net sales ratio B = Gross profit to cost of…
A:
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: The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross…
A: Gross profit is calculated by deducting the cost of goods sold from the sales. The percentage of…
Q: i.) Determine the cost of goods sold using each of the following flow assumptions:
A:
Q: total net revenue
A: Statement of comprehensive income is a part of financial statements which shows the net income from…
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: gross profit
A: We can find cost of Good sold by preparing Trading Account Also we can find Gross profit of the…
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…
Q: What does the term sales mix mean? How is a weighted-average unit contribution margin computed?
A: Contribution Margin is defined as the difference between the sales and the variable cost. In other…
Give the solution:
- How much is the total cost of goods sold?
Step by step
Solved in 2 steps
- Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
- Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods soldIdentify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
- Compute the ff: 1. Total Sales 2. Cost of Sales 3. Consignment profit 4. Value of Inventory on ConsignmentIncome Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 $215,000 143,500 25,525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: 1,650 Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total $2.00 $ 3,300 900 3,640 4.50 4,050 2.50 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525 ABCD
- If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss areMay 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 180 units 120 units 60 units 240 units 240 units 60 units 90 units cost $117,000 $42,900 $187,200 $77,220 Sales $101,400 $218,400 $62,400Match each defınition with the term that best describes it. An income measure that includes gains and [ Choose ] [Choose ] Sales revenue (Sales) Expenses incurred in the process of earning sales revenue. losses that are excluded from the determination of net income. An account that is offset against a revenue Contra revenue account account on the income statement. Cost of goods sold Periodic inventory system FOB destination The total cost of merchandise sold during the Comprehensive income FOB shipping point Perpetual inventory system period. An inventory system under which the [ Choose ] company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period. An inventory system under which the [ Choose ] company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand. The primary source of revenue in a [ Choose…