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lina2011 [118]
1 year ago
5

At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year, the company purchases additio

nal inventory for $22,700. At the end of the year, the cost of inventory remaining is $9,700. Calculate cost of goods sold for the year.
Business
1 answer:
Citrus2011 [14]1 year ago
5 0

Cost of goods sold = Beginning inventory + Purchases - Ending inventory .

COGS = Cost of goods sold

COGS = 7700 + 22700 - 9700 = 20700

The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold.

The cost of products sold may take into account both the labor and materials used to create a product. Your COGS may also include sales expenses, such as commissions, that are unique to that product. Direct costs is the accounting term for this.

A cost that is not entirely committed to a particular item is one that is common to your company, such as rent, the purchase of a new machine, or general marketing expenses. These extra expenses are classified as overhead rather than as the cost of the items supplied.

For business owners and managers, tracking cost of products sold is crucial. That is the lowest price at which you can sell a good and still make a profit. Any surplus margin is used to pay for costs and eventually turn a profit. You cannot determine if you are profitable or not unless you are aware of your COGS and break-even point.

Learn more about cost of goods sold here

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The journal entry to issue​ $600 of direct materials and​ $30 of indirect materials to production involves​ debit(s) to the​ B. ​work-in-process inventory account for​ $600 and manufacturing overhead account for​ $30.


Work-in-process inventory refers to a company's goods that are waiting to be finished and completed. While these goods wait to be finished, they are waiting their overall value they are given as well. Manufacturing overhead refers to the items that are used for manufacturing. Everyting that has to take place and be paid for manufacturing to take place.

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3 years ago
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2 years ago
Variable costs are
Semmy [17]

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the costs that change depending on a company's performance

Explanation:

Variable costs refer to the costs that fluctuate with the level of production. An increase or decrease in the output level results in variable costs moving in the same direction. If the business stops production, the variable costs will be nil.

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6 0
3 years ago
An economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labour to produce its total output of 640 u
arlik [135]

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B) $.10.

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Labor cost = Units x Cost per unit = 8 x $3 = $24

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Cost per unit = Total cost /  Number of units = $64 / 640 = $0.10

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3 years ago
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