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kirza4 [7]
3 years ago
8

The accounting records of Brownwood Company revealed the following information: Work in process inventory, Jan 1 58,000 Work in

process inventory, Dec 31 49,000 Finished Goods Inventory, Jan 1, 125,000 Finished Goods Inventory, Dec 31 158,000 Direct Materials used 104,000 Direct Labor 214,000 Factory equipment depreciation 300,000 Factory utilities and rent 186,000
Brownwood's cost of goods sold is:

$721,000.

$730,000.

$778,000.

$787,000.

some other amount
Business
1 answer:
ivanzaharov [21]3 years ago
8 0

Answer:

$721,000 is correct

Explanation:

Cost of goods sold =754000 + 125000 -158000

=721,000

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Gross profit    $39,000

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In that case, we do not use Income tax expense, Operating expenses, Deferred revenues, Non-operating revenues because those will be needed when we will calculate the net income.

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Sub-prime loan company is thinking of opening a new office, and the key data are shown below.
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To complete the above question, please see below:

Sub-Prime Loan Company is thinking of opening a new office, and the key data are shown below. The company owns the building that would be used, and it could sell it for $100,000 after taxes if it decides not to open the new office. The equipment for the project would be depreciated by the straight-line method over the project's 3-year life, after which it would be worth nothing and thus it would have a zero salvage value. No change in net operating working capital would be required, and revenues and other operating costs would be constant over the project's 3-year life. What is the project's NPV? (Hint: Cash flows are constant in Years 1-3.) 

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Debit : <em>Work In Process Account</em> and  Credit : <em>Raw Materials Account</em>

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