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Anettt [7]
1 year ago
5

1. Sell product for $25,000 with historical cost of $20,000 2. Sell product for $20,000 with historical cost of $16,000 3. Sell

product for $40,000 with historical cost of $32,000 What is the final amount in Retained Earnings
Business
1 answer:
Alik [6]1 year ago
8 0

The final amount in Retained Earnings after selling the three different products with different prices and historical costs is <u>$17,000</u>.

<h3>What is the difference between the selling price and historical cost?</h3>

The difference between the selling price and its historical cost is profit.

Profit is the financial benefit realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes.

<h3>Data and Calculations:</h3>

Product     Selling Price    Historical Cost    Profit

A                   $25,000          $20,000         $5,000 ($25,000 - $20,000)

B                   $20,000           $16,000         $4,000 ($20,000 - $16,000)

C                  $40,000           $32,000         $8,000 ($40,000 - $32,000)

Total            $85,000           $68,000        $17,000

Thus, the final amount in Retained Earnings after selling the three different products with different prices and historical costs is <u>$17,000</u>.

Learn more about profits at brainly.com/question/1078746

#SPJ1

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Date                          Account Details                            Debit              Credit

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