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2 years ago

To calculate cost of goods sold during the year, take total cost of goods manufactured and:_________

Business

1 answer:

mars1129 [50]2 years ago

3 0

The following below completes the question:

Intake of Completed-Items Stock.
Produced Goods Cost should be included.
In other words, it's the same as "Done and Ready to Sell" products.
Subtract the final stock of finished goods.

Equals: Cost of Goods Sold.

This is further explained below.

<h3>What is the Cost of Goods Sold.?</h3>

Generally, the total amount that your firm spent on product sales is referred to as the "cost of goods sold." It might entail resale items, raw supplies, direct labor, or packing, depending on the company that you work for.

The thing that is being put up for sale is referred to as the product. A product might refer to either an object or a service. It may take the shape of anything tangible, virtual, or cyber. Every item has a price tag attached to it since it must be paid for during production.

In conclusion,

Intake of Completed-Items Stock.
Produced Goods Cost should be included.
In other words, it's the same as "Done and Ready to Sell" products.
Subtract the final stock of finished goods.
Equals: Cost of Goods Sold.

Read more about the Cost of Goods Sold.

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Tulip Co. owns 100% of Daisy Co.'s outstanding common stock. Tulip's cost of goods sold for the year totals $600,000 and Daisy's

dsp73

Answer:

Amount to be reported as cost of goods sold in the consolidated financial statement = $900,000

Explanation:

When a company holds 100% shares or more than 50% shares of another company that is common stock, they establish a holding subsidiary relationship in which equity method is to be followed.

As per equity method all the cost of goods sold by that of subsidiary is to be added to financial statements of holding while making consolidated financial statements.

In this if there are any sales or purchase between holding and subsidiary then such profit is not be added up till that inventory is further sold to third party.

In case the inventory is sold to third party then entire profit that is inclusive of holding to subsidiary is to be included as part of consolidated financial statements.

Therefore in the above case since Daisy has sold the inventory purchased from Tulip, entire cost of goods sold shall form part of consolidated financial statements.

Here amount to be reported as cost of goods sold in the consolidated financial statement = $600,000 + $400,000 = $1,000,000

Further the cost of goods sold is included 2 times, first in Tulip's account for $60,000 and then the same in Daisy's account for $100,000. In consolidated statement double amount should not be added, thus net cost of goods sold = $1,000,000 - $100,000 = $900,000

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galben [10]

Answer:

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Explanation:

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Explanation:

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