New Technologies has current liabilities of $390,000, a quick ratio of 1.30, an inventory turnover of 5.10, and a current ratio of 4.10. What is the cost of goods sold for the company? a. $5,643,000 b. $1,219,500 c. $7,564,200 d. $498,300 e. $5,569,200

New Technologies has current liabilities of $390,000, a quick ratio of 1.30, an inventory turnover of 5.10, and a current ratio of 4.10. What is the cost of goods sold for the company? a. $5,643,000 b. $1,219,500 c. $7,564,200 d. $498,300 e. $5,569,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Hi expert please help this question

A: Approach to Solving the QuestionThe question asks for the product cost per unit under variable…

Q: Common stockholders equity? General accounting

A: To calculate the return on common stockholders' equity (ROE), we use the following formula:ROE= Net…

Q: What is the total net gain or loss on this transaction accounting

A: Futures contracts on three-month T-bills are typically quoted based on a price index derived from…

Q: 5 POINTS

A: Concept of Traditional Overhead AllocationThe traditional overhead allocation method assigns…

Q: What is the total period for the month under variable costing?

A: Explanation of Period Cost Under Variable Costing:Period costs under variable costing refer to…

Q: General accounting

A: Step 1: Define Variable Cost RatioIt is the total variable cost borne by a company expressed as a…

Q: Zephyr Enterprises projected current year sales of 60,000 units at a unit sale price of $25.00.…

A: Explanation of Sales Volume Variance:Sales Volume Variance measures the difference between the…

Q: Provide accounting

A: Cost of Equity = Equity cost of capital + (Average debt-value ratio/(1-Average debt-value ratio)) *…

Q: Calculate stricklers cash conversion cycle?

A: Strickler Technology's Cash Conversion Cycle (CCC) is a crucial metric that measures how long it…

Q: General Accounting

A: Step 1: Define Full Capacity Sales CalculationFull capacity sales refer to the maximum potential…

Q: answer

A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is handy in figuring out the…

Q: Sub. General accounting

A: Step 1:First, calculate the net sales revenue: Net sales revenue = Sales revenue - Sales return and…

Q: none

A: a. Compute CM ratio first.Contribution margin = Selling price - Variable costContribution margin =…

Q: Solve this financial accounting problem

A: Step 1: Define Cost of Merchandise PurchasedThe Cost of Merchandise Purchased is the total cost…

Q: Need answer

A: Here's how to calculate Tanner's Formal Wear's return on equity (ROE):Calculate Equity: The…

Q: None

A: Step 1: The cash received by ruth should be net of the selling expense she incurred upon selling…

Q: round the answer

A: Step 1: Definition of Factory OverheadFactory overhead refers to indirect manufacturing costs that…

Q: ans

A: The Cash Conversion Cycle (CCC) measures how long it takes for a company to convert its investments…

Q: Hii ticher please provide correct answer general Accounting

A: Step 1: Define Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) Ratio is a financial metric…

Q: You are buying a house and will borrow $205,000 on a 30-year fixed rate mortgage with monthly…

A: Step-by-Step Explanation to Determine the Maximum Number of Points to PayWe need to determine the…

Q: Compute the total cost of work in process for the year on these general accounting question

A: Step 1: Define Work-in-Process (WIP) CostWork-in-Process (WIP) Cost refers to the total cost…

Q: What is the amount of total assets on the general accounting question?

A: Step 1: Define Total AssetsTotal Assets represent the total value of everything owned by a company,…

Q: What is the unit contribution margin of this general accounting question?

A: Step 1: Define Unit Contribution MarginThe Unit Contribution Margin (UCM) is the amount remaining…

Q: please solve this General accounting question

A: Step 1: DefinitionDays' Sales in Accounts Receivable measures the average number of days it takes…

Q: Calculate the number of units that must be sold

A: Units to be sold=Fixed Costs+ Operating Income/Unit Contribution Margin Fixed Costs =…

Q: Compute Lexington taxable income for the year

A: Explanation of Operating Income:Operating income is the profit a company earns from its core…

Q: What are the day to collect from customer?

A: Step 1: Definition of Accounts Receivable Collection PeriodThe accounts receivable collection period…

Q: The cost of goods sold adjusted to a cash basis would be?

A: Explanation of Cost of Goods Sold (COGS): Cost of goods sold represents the direct costs…

Q: abc general accounting

A: Step 1: Definition of Net IncomeNet income is the profit earned by a business after subtracting all…

Q: What will be the steady state receivables balance of this general accounting question?

A: To calculate the steady-state receivables balance, we can use the following formula:Receivables…

Q: help me to solve this questions

A: Step 1: Definition of Product CostingProduct costing is the method used to calculate an enterprise's…

Q: provide correct answer general accounting

A: Step 1: Calculate the inventory purchases for the period Cost of goods sold = Beginning inventory +…

Q: Provide answer

A: Step 1: Definition of Capital GainCapital gain refers to the profit earned from selling an asset for…

Q: Please solve this question general Accounting

A: Step 1: Define Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the total cost…

Q: None

A: Step 1: Definition of Net IncomeNet Income is the total earnings of a company after deducting all…

Q: What was the variable cost per dog associated with zarena's water bill? General accounting question…

A: Using high low method to find the variable cost per dogVariable cost per unit = Change in total…

Q: The profit margin rate ?

A: To calculate the profit margin rate, we follow these steps: 1. Calculate Net Sales:Net Sales =Sales…

Q: General accounting

A: Step 1: DefinitionThe IRS reclassifies unreasonable compensation as a non-deductible expense,…

Q: What is total period cost?

A: Explanation of Period Costs: Period costs are expenses that are reported in the period in which they…

Q: ???

A: 1. Calculate the Contribution Margin per Unit:Contribution Margin = Selling Price per Unit -…

Q: What is the maximum inventory of croissants held in a given ordering cycle of this financial…

A: Step 1: Define Maximum Inventory in Ordering CycleMaximum Inventory is the highest level of…

Q: What must have been the total sales?

A: Explanation of Break-even Point in Sales: Break-even point in sales represents the dollar amount of…

Q: Question 4 Waterfront Inc. wishes to borrow on a short-term basis without reducing its current ratio…

A: Step 1: Determine the Current RatioCurrent Ratio = Current Assets / Current LiabilitiesCurrent Ratio…

Q: What is the opereting leverage? General accounting

A: Step 1: Calculation of Contribution MarginVariable Costs = Sales × 60%Variable Costs = $300,000 ×…

Q: How much is the net working capital of this general accounting question?

A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Q: expert of general accounting answer me

A: Step 1: Definition of Net IncomeNet income is the total profit of a company after deducting all…

Q: What amount should it be reported on the consolidated statement ?

A: Explanation of Patent: A patent is an intangible asset that represents the exclusive right granted…

Q: Overhead controllable variance?

A: Step 1:Overhead controllable variance is the difference between the actual overhead and the flexible…

Q: choose best answer

A: Step 1: Calculation of Gross ProfitGross Profit = Sales - Cost of goods soldGross Profit = $240,000…

Q: provide correct answer of this General accounting question

A: Step 1: DefinitionThe contribution margin (CM) represents the revenue remaining after deducting…

Question

What is the cost of goods sold for the company?

New Technologies has current liabilities of
$390,000, a quick ratio of 1.30, an inventory
turnover of 5.10, and a current ratio of 4.10.
What is the cost of goods sold for the company?
a. $5,643,000
b. $1,219,500
c. $7,564,200
d. $498,300
e. $5,569,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
What is the cost of goods sold for the company?
What is the cost of goods sold for the company?
I want to answer this question
Beach Wear has current liabilities of RM350,000, a quick ratio of 1.65, inventory turnover of 4.7, and a current ratio of 2.9. What is the cost of goods sold? Select one: a. RM2,056,250 b. RM1,760,750 c. RM1,950,000 d. RM1,980,500
Provide correct answer
Need help with this question
Need help
Highly Suspect Corp. has current liabilities of $417,000, a quick ratio of 1.10, inventory turnover of 3.60, and a current ratio of 3.30. What is the cost of goods sold for the company? Multiple Choice $3,302,640 $1,009,140 $1,146,750 $458,700 $4,953,960
What is the cost of goods sold?
Calculate the value of cost of goods sold for Benson's Brewing Company given the following information: Current liabilities = $540,000; Quick ratio = 1.8; Inventory turnover = 6.0; Current ratio = 2.3. Select one: a. $1,620,000 b. $3,999,999 c. $3,060,000 d. $2,180,222 e. $2,040,000
Highly Suspect Corp. has current liabilities of $409,000, a quick ratio of 1.40, inventory turnover of 4.00, and a current ratio of 3.50. What is the cost of goods sold for the company?