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PtichkaEL [24]
3 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]3 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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Answer:

1) country A has a comparative advantage in production of capital goods.

2) for country A 24 units of food can be traded for 10 units of capital goods,

for country B 30 units of food can be traded for 10 units of capital goods.

Explanation:

country A has a comparative advantage in production of capital goods because they have been able to produce more capital goods with the same amount of input (worker) than country B.

For country A, 120 units of food = 50 units of capital goods, therefore

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for country B 90 units of food is equivalent to 30 units of capital goods, therefore,

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5 0
3 years ago
“All cheques are bills but all bills are not cheque” –Explain
aleksklad [387]

All cheques are bills but all bills are not cheque.

This is correct statement because both cheque and bill are piece of paper which displays money which is to be paid to someone.

A bill is a document which is drawn on any person and there is no name on the bill whereas cheque is a document which is drawn on the payee name only.

Both of these are documents which are used to pay the amount to someone.

A cheque can be drawn payable on demand while bill is drawn on expiry of certain period.

Learn more at brainly.com/question/24469524

7 0
2 years ago
In some instances accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit in
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Answer:

1   $12.80

2   $16.10

3   $13.00

4   $9.20

5   $15.90

Explanation:

The unit value of inventory is to be valued  the lower of cost price and net realizable value.

Cost is the original purchase price while the net realizable value is the estimated selling price less of costs to complete and costs to sell as computed in the attached file.

Download xlsx
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3 years ago
Consider the following two investment alternatives. First, a risky portfolio that pays a 12 percent rate of return with a probab
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The risk premium on the risky investment is 5%

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5 0
1 year ago
The corporate charter of Imp Company authorized the issuance of 10 million, $1 par common shares. During 2021, its first year of
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Answer:

Paid -in Excess capital as on December 31, 2021 $124 million

Explanation:

The computation of the amount reported as a additional paid-in capital  is shown below

For Jan 1, 8 million ×  $15              $120 million

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Paid -in Excess capital as on December 31, 2021 $124 million

7 0
3 years ago
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