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2 years ago

Forecast the 2019 Cost of goods sold on the previous year’s number and the assumptions

Business

1 answer:

AleksAgata [21]2 years ago

3 0

The cost of goods sold based on the sales revenue in 2019 is $32,400

What is the cost of goods sold?

The cost of goods sold is the cost of the goods sold in a particular year, it is determine as the sales revenue minus the gross margin in dollar terms.

We need to first of all determine the sales revenue in 2019 based on 2018 sales revenue and the 2019 growth rate of 8%

2019 sales revenue=50,000*(1+8%)

2019 sales revenue=$54,000

Now the gross margin is 40% of sales revenue

cost of goods sold=sales revenue-gross margin

cost of goods sold=$54,000-(40%*$54,000)

cost of goods sold=$32,400

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Answer is given below

Explanation:

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3 years ago

How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160

dimaraw [331]

Answer:

the journal entries used to record this transaction are:

Dr Accounts receivable 400

Cr Sales revenue 400

Dr Cost of goods sold 160

Cr Inventory 160

This transaction will increase net income, which increases retained earnings by $240. It will also increase assets by $240, since accounts receivable increases by $400, but inventory decreases by $160.

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3 years ago

Choose the correct category for the items from Sun Company's perspective.

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Answer:

a. Land purchased by Sun Company from a local finance company

1) REAL ASSETS, the land exists as a physical asset regardless of the company's transaction.

b. Sun Company's administration building, which houses the finance department

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c. Sun Company's inventories of raw materials

1) REAL ASSETS, the inventories exists as a physical asset regardless of the company's transaction.

d. Accounts receivable: money owed to Sun Company by other companies who have purchased products on credits

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e. Sun Company's corporate checking accounts

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2 years ago

Glasis is a type of paint made specifically for use on cars. An ad in Motor Trend magazine advising consumers to request their a

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Answer: (E) Pull strategy

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