Chapter 5, Problem 9DQ

Fernando Traders has a balance date of 31 December. On 1 January 2XX3, it had an opening inventory balance of $15,000. During the year, Fernando Traders purchased $30,000 worth of goods for resale. On 31 December 2XX3, the closing inventory balance was $13,000. Sales for the year totaled $50,000. What is the Cost of Goods Sold for Fernando Traders for the period ending 31 December 2XX3?

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Felix Mounts has a cost formula for its supplies cost of $1,450 per month plus $22 per mount. For the month of March, the company planned for activity of 530 mounts, but the actual level of activity was 520 mounts. The actual supplies cost for the month was $12,000. The variance for supplies cost in March would be _.

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