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miv72 [106K]
3 years ago
12

Calculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances

Business
1 answer:
andrey2020 [161]3 years ago
7 0

Answer:

 73,450  COGS

Explanation:

From the beginning inventory we add up purchase and freight cost and subtract the return made to the suplier and discount and allowance granted.

This will be the total cost available for sale.

Then we subtract the ending inventory to get the COGS

  27,000 beginning inventory

+ 78,000 purchases

+      350 freight-in

-   3,900 return and allowance

<u>-   6,000 </u>discount  

 95,450   good available for sale

<u>- 22,000 </u>ending inventory

 73,450  COGS

The sales return impact the sales revenue not the COGS

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Answer:

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3 years ago
A company makes a product and has no way to determine which ones are faulty until an unhappy customer returns it. Three percent
Tems11 [23]

Answer:

$8.00 per item

Explanation:

A company makes product and its 3% of products are faulty. There is no other quality inspection test which can identify the faulty products during the manufacturing process. The faulty products are only identified when the customer arrives to return it. The faulty product costs the company $200 each and company wants to make profit of $2.00 per item. It should charge price of $8.00

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3 years ago
A company that makes modular bevel gear drives with a tight swing ratio for optimizing fork-lift vehicles was told that the inte
Troyanec [42]

Answer:

The APY is 14.9%

Explanation:

To find the annual percentage yield we need to compute the effective annual rate of interest.

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Compounding implies the regular interval when interest is always computed; in this scenario, it is monthly.

The EAR can be worked out as follows

EAR = ( (1+r)^m - 1 ) × 100

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3 years ago
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mixer [17]

Answer:

A complex sentences has at least one subordinate clause.

Explanation:

6 0
3 years ago
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When both parties to a contract are mistaken as to the same material fact either paarty can rescind the contract?
crimeas [40]
I took this question already, so if it was 
<span>
Often, when both parties to a contract are mistaken as to the same material fact, either party can rescind the contract.

It would be "True"

</span>
6 0
3 years ago
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