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PtichkaEL [24]
4 years ago
6

Kevin owns a retail store, and during the current year, he purchased $610,000 worth of inventory. Kevin's beginning inventory wa

s $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his personal use. Calculate Kevin's cost of goods sold for the year.?
Business
1 answer:
Dimas [21]4 years ago
3 0

Answer:

COGS= $598,020

Explanation:

Giving the following information:

Kevin owns a retail store, and during the current year, he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his personal use.

We need to deduct the inventory used for personal use.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 67,000 + 610,000 - 77,200 - 1,780

COGS= $598,020

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4 years ago
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Answer:

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However; In long run, real GDP (output level) returns to its potential​ level. So; output level defining the inverse relationship (trade off) between inflation rate & unemployment level, is stable. Hence, inflation rate & unemployment level have no inverse (trade off) relationship & they are unrelated. Therefore, the long run Phillips curve is vertical.  

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4 years ago
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Meyer Inc's total invested capital is $660,000, and its total debt outstanding is $185,000. The new CFO wants to establish a tot
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Answer:

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Explanation:

Calculation for How much debt to achieve the target debt ratio

First step is to find the Target amount of debt using this formula

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Let plug in the formula

Target amount of debt =55%× $660,000

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Second step is to calculate for the Change in the amount of debt outstanding using this formula

Change in amount of debt outstanding = Target debt -Old debt

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