Share answer Global Trading imported goods worth$50,000. Additional costs include: freight$3,000, import duty 10%, insurance $2,000,and handling $1,000. What the total cost ofinventory.

Explanation of Cost of GoodsThe cost of goods refers to the purchase price of items bought for…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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IRON ORE COST SHEET 1. Please, prepare the cost sheet, based on the following information a) Commodity: Iron Ore b) Quantity: 250,000 MT in bulk c) Exchange rate: US $1.00 = CAD S1.25 d) Cost Ex-warehouse: USD$60 per MT e) Trucking (freight to dock): USDS10,000,000 ) Wharfage and handling: USD$25 per MT g) Finance charge: 2.5% h) Profit margin: 7% i) Agent's commission: USD$125,000 j) Ocean freight: USD$12,500,000 for total shipment k) Marin insurance: 1% on110% of the C&F value Please, use the attached cost sheet to make your calculations, show all calculations, Round your final answer to the nearest dollar amount; then, put the final price to the nearest $5 amount. Costs CADS USS Notes Cost Cost Cost [EXW] Ex-warchouse Trucking (freight to dock) Cost to Dock Wharfage and Handling Cost FAS (beside vessel) Finance Cha Profit Margin Agent's Commission Price FOB Convert to US$ (move to new column) Ocean Freight Price [CFR] C&F Marine Insurance Total [CIF] CIF Round to the nearest US$…
A recent income statement for BMW reports the following (in € millions). Assume 75% of the cost of sales and 75% of the selling and administrative costs are variable costs, and the remaining 25% of each is fixed. Compute the contribution margin (in € millions). (Round computations using percentages to the nearest whole euro.) Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . €92,175 Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,043 Selling and administrative expenses . . . . . . . . . . . . . . . . . . . 8,633
The company has these parties of goods on hand: 10x1.000 TL; 20x900 TL; 10x800 TL; 10x700 TL. If 35 items are sold with 20% profit margin (COGS +20% Profit), what is COGS and Sales Revenue in LIFO? a. COGS: 28.500 TL; Sales Revenue: 34.200 TL O b. COGS: 14.500 TL; Sales Revenue: 17.400 TL c. COGS: 11.000 TL; Sales Revenue: 13.200 TL O d. COGS: 32.000 TL; Sales Revenue: 38.400 TL
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37 Shipping expense is P9,000 for 8,000 pounds shipped and P11,250 for 11,000 pounds shipped. Assuming that this activity is within the relevant range, if the company ships 9,000 pounds, its expected shipping expense is closest to (nearest peso):
If the net operating income is $10,000, the gross margin is $40,000, and the cost of goods sold is $49,500, then the sales must be: Multiple Choice $99,500. $129,000. $89,500. $139,000.
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The gross profit margin of WALA company is 40%. If the gross profit is ₱332,560.00, how much is the cost of goods sold? ₱150,450.00 ₱831,400.00 ₱498,840.00 ₱182,110.00
You have the following information about the Jordanian Commercial Company for the year 2022 Total cost price quantity date 1/1 20 4000 Goods 1/4 22 7000 Purchases 1/7 18 10,000 purchases 1/11 21 3000 purchases The total quantity sold was 20,000 units at a price of 30, and the total expenses were 150,000 dinars. Required Calculating the value of the goods at the end of the period using the first-in, first-out method 1 2 Calculate the value of the goods at the end of the period using the weighted average method 3. Determining the cost of goods sold is based on the end-of-period merchandise count Using the weighted mean method. 4. Prepare the income statement on the basis that the end-of-period goods were inventoried using the weighted mean method.
Abu Industries developed the following information for the product it sells: Sales price Variable cost of goods sold RM50 per unit RM28 per unit Fixed cost of goods sold Variable selling expense Variable administrative expense Fixed selling expense Fixed administrative expense RM650,000 10% of sales price RM2.00 per unit RM400,000 RM300,000 For the year ended 31 December 2020, Hasanah produced and sold 100,000 units of product. Required: (a) Illustrate a CVP income statement using the contribution margin format for Abu Industries for 2020. (b) Give the FIVE (5) basic components of CVP Analysis.

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Global Trading imported goods worth $50,000. Additional costs include: freight $3,000, import duty 10%, insurance $2,000, and handling $1,000. What the total cost of inventory.