Quantum Mobile Ltd. purchases and resells smartphones. On September 5th, 2022, the company purchased 6,000phones for $120 each. On September 25th, the company sells 1,800 units for $180 each. What is the cost of goods sold on the sale?

Quantum Mobile Ltd. purchases and resells smartphones. On September 5th, 2022, the company purchased 6,000phones for $120 each. On September 25th, the company sells 1,800 units for $180 each. What is the cost of goods sold on the sale?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3EB: Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they...

See similar textbooks

Related questions

Q: Accounting

A: Step 1: Define Tax LiabilityTax liability refers to the total amount of tax an individual owes to…

Q: What is the net income?

A: To determine the net income, we can use the Return on Equity (ROE) formula: ROE = Net Income / Total…

Q: General accounting

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: General accounting

A: Given Data:Total Sales = $720,000Investment Turnover Ratio = 3.0Return on Investment (ROI) = 54% or…

Q: what is correct answer?

A: Step 1: Calculate Tax Liability for Joint FilingIn 2013, the tax brackets for Married Filing Jointly…

Q: Should the machine be replaced?

A: Step 1: Identify the Given InformationWe are given the following details:The current machine's book…

Q: Hy expert give me solution this question

A: To calculate Hamilton's operating leverage:Operating Leverage = (Contribution Margin) / (Net…

Q: The Fantastic Ice Cream Shoppe sold 9,000 servings of ice cream during June for $4 per serving. The…

A: You can use brackets instead of minus signs if needed.Thank You for the question.

Q: Pahr Industries bases its predetermined overhead rate on the estimated labor hours for the upcoming…

A: Step 1:Predetermined overhead rate is total variable overhead rate and fixed overhead rate.…

Q: Overapplied or under applied

A: Step 1: Understanding the given dataEstimated Manufacturing Overhead = $310,000Estimated Direct…

Q: Provide step by step calculation with explanation of the financial accounting question

A: Step 1: Definition of Asset DisposalAsset disposal refers to removing an asset from the business…

Q: Correct answer

A: Explanation of Original Cost: Original cost represents the initial purchase price of an asset,…

Q: Provide correct answer with accounting question

A: Step 1: Definition of P/E RatioThe Price-to-Earnings (P/E) ratio is a financial metric that measures…

Q: 4 POINT

A: Explanation of Total Assets:Total Assets represent everything a company owns that has monetary value…

Q: General accounting

A: Step 1: Define Cash BalanceThe cash balance represents the amount of cash a company has on hand at…

Q: Question: Variance (accounting) - Wisley Corporation makes a product whose direct labor standards…

A: Step 1: Definition of Labor Efficiency Variance and Standard Labor HoursLabor Efficiency Variance…

Q: An asset's book value is $19,000 on December 31, Year 5. The asset has been depreciated at an annual…

A: Gain/(Loss) on sale = Proceeds from sale of asset - Asset's book valueGain/(Loss) on sale = 16,000 -…

Q: PLEASE FILL ALL CELLS. ALL RED CELLS ARE INCORRECT OR EMPTY.

A: Step 1:The amount of cash received is calculated as follows: Cash received = Sales revenue from…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Manufacturing OverheadManufacturing overhead refers to all indirect costs…

Q: Not average for the year?

A: Step 1: Definition of Accounts Receivable Days OutstandingThe accounts receivable days outstanding…

Q: What was the company's inventory turnover

A: Explanation of Inventory Management Performance: Inventory management performance refers to how…

Q: Can you help me with accounting questions

A: Calculate Annual Depreciation ExpenseSince the equipment is depreciated using the straight-line…

Q: Current Attempt in Progress Whispering Winds Corp. has five plants nationwide that cost $275…

A: In accounting, assets are reported at their historical cost. This is known as the Historical Cost…

Q: I don't need ai answer general accounting question

A: Step 1: Definition of Total Manufacturing CostsTotal Manufacturing Costs (TMC) refer to the total…

Q: Financial Accounting Question

A: Step 1: Definition of Note's PrincipalThe Note's Principal is the original loan amount on which…

Q: please provide correct answer general accounting

A: When a company borrows money using an installment note, it agrees to make periodic payments over…

Q: Can you help me with this financial accounting question?

A: Step 1: Define Cash Operating CycleThe Cash Operating Cycle (also called the Cash Conversion Cycle)…

Q: What's overhead cost?

A: Explanation of Overhead Cost in Activity-Based Costing (ABC):The Overhead Cost in Activity-Based…

Q: ??

A: he formula for calculating Earnings Per Share (EPS) is: EPS=Net Income−Preferred…

Q: At the beginning of the year, Morrison Manufacturing estimated its manufacturing overhead to be…

A: Explanation of Manufacturing Overhead: Manufacturing overhead encompasses all indirect costs…

Q: Financial accounting question

A: Step 1: Define Lower-of-Cost-or-Market (LCM) RuleThe Lower-of-Cost-or-Market (LCM) rule states that…

Q: Subject: financial accounting

A: Explanation of Start-up Business: A start-up business is a newly established company in its early…

Q: Financial Accounting

A: Step 1: Identify Given InformationDirect materials cost = $450Direct labor cost = $352Direct labor…

Q: need correct option solution.

A: Profit/Loss = Selling price of refined cocoa butter - (Selling price of cocoa butter + Additional…

Q: Need help with this financial accounting question not use ai

A: Step 1: Define Total AssetsTotal assets represent the sum of all economic resources owned by a…

Q: Calculate the total fixed expense for the year

A: Explanation of Fixed Expenses:Fixed Expenses are costs that do not change with the level of…

Q: The past 36 months and reported the following results

A: To estimate the overhead cost, we first need to write down the regression equation using the formula…

Q: Rocky River Fast Lube does oil changes on vehicles in 15 minutes or less. The variable cost…

A: Step 1: Requirement (a): Total product cost of performing 1,000 oil changes in MayTotal product…

Q: Please provide answer this accounting question not use ai please don't

A: Step 1: Definition of Prime Cost and Conversion CostPrime Cost: The sum of direct materials and…

Q: ???

A: Explanation of Earnings per Share (EPS):Earnings per Share (EPS) represents the portion of a…

Q: Right Answer

A: Interpretation:- The structural deficit ($225 billion) indicates the underlying imbalance even at…

Q: Please give me true answer this financial accounting question

A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…

Q: A hardware store has three departments: A, B, and C, and incurs general advertising expenses that…

A: Advertising expense allocated to Department B = Total advertising expense x Ratio allocated to…

Q: General accounting

A: Step 1: Definition of Replacement CostThe replacement cost is the current amount an insurance…

Q: Don't want AI answer

A: we use the Gordon Growth Model (Dividend Discount Model):Expected Return = (D₁/P₀) + gWhere:D₁ =…

Q: General Accounting 24

A: Let's go through the calculations again in a clear and structured way.Given Data:Initial Purchase…

Q: Jordy Enterprises sells a product for $75 per unit. Variable costs per unit are $40, and monthly…

A: Units sales required to earn target profit of 200,000 = (Fixed costs + Target profit) / Contribution…

Q: provide correct answer accounting question

A: Step 1: Definition of Investment Turnover (Detailed Explanation)Investment Turnover (also called…

Q: Kensington Textiles, Inc. manufactures customized tablecloths. An experienced worker can sew and…

A: Explanation of Standard Quantity: Standard quantity represents the predetermined amount of an input…

Q: General accounting problem

A: Explanation of Cash Conversion Cycle (CCC):The Cash Conversion Cycle (CCC) is a financial metric…

Question

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

Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $86,500. Their operating expenses for this same period were $27,500. If their Cost of Goods Sold (COGS) was 24% of gross revenue, what was their net operating income for the year?
Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported these revenues and expenses. Using this information, prepare an income statement for Just Beachy for 2017.
Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their net income?
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?
GameDay sells recreational vehicles along with secure parking storage to customers. Game Day sells the FB7 model for 62,000, and this price includes one year of secure parking storage. GameDay also sell secure parking storage separately for 8,000 per year, and customers can purchase the FB7 model without secure parking storage for 60,000. If a customer purchases the FB7 model with secure parking storage, how should GameDay allocate the transaction price?
Puzzles, Pranks ** Games is a retail business selling children’s toys and games as well as a wide selection of jigsaw puzzles and accessories. They purchase their inventory from local and national wholesale suppliers. For the year ending December 31, 2017, they reported these revenues and expenses. Using this information, prepare an income statement for Puzzles, Pranks & Games for 2017.
Comparative Analysis: Under Armour, Inc., vs. Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: What amount does Under Armour report for cost of goods sold for the years ending December 2016, 2015, and 2014? What amount does Columbia report for cost of goods sold for the years ending December 2016, 2015, and 2014?
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000