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Rasek [7]
3 years ago
8

During last month, your beginning inventory was $17,500, your purchases were $19,252, and your ending inventory was $15,757. Wha

t was the cost of goods sold GOGS?​
Business
1 answer:
kicyunya [14]3 years ago
7 0

$20,995

Cost of goods sold:

17,500 Beginning inventory

+19,252 Plus purchased inventory

- $15,757 Minus ending inventory

=20,995 Cost of Goods Sold

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Use the following to answer questions 31 - 32: Ann is the president of the Paper Supply Company. She is thinking about updating
SSSSS [86.1K]

Answer:

31. B) 7,000 & 10,000

32. B) Alternative 2

Explanation:

Volume is 7000 tons :

Alternative 1 costs : $10,000 + (7000 * $10 ) = $80,000

Alternative 2 costs : $20,000 + (7000 * $8 ) = $76,000

Alternative 3 costs : $40,000 + (7000 * $6 ) = $82,000

Alternative 2 is the most cheapest option if the volume is between 7,000 tons to 10,000 tons.

7 0
3 years ago
Although labor is typically viewed as a variable cost in the very short run, some labor costs may be fixed. Which of the followi
marissa [1.9K]

Answer: C. A salaried manager who has a three-year employment contract

Explanation: Fixed costs are costs that remain the same for a long period of time, fixed costs do not vary easily they are the same over a long run, mostly constant through out the contract period or throughout the life of the business entity.

Variable costs are costs which vary from time to time, labor costs such as hourly payment for employees or worker they are paid according to the hours they put it.

the salaried manager receives the same salary over a long period of time which can be up to three years as the option clearly stated.

7 0
3 years ago
Exercise 2-15 Computing net income LO A1 A corporation had the following assets and liabilities at the beginning and end of this
Ipatiy [6.2K]

Answer:

a. $32,039

b. $19,439

c. -$12,961

d. $9,639

Explanation:

We will use accounting equation to solve the above question.

Assets = Liabilities + Equity

Also;

Net income will be the difference in equity plus dividends minus contributions

= [Ending equity - Beginning equity ] + Dividends

Since the beginning and ending equity is the same for all the years, then we'll have

$71,500 = $30,652 + Equity

Equity = $40,848

Ending equity = $122,500 - $49,613

= $72,887

a. Income : $72,887 - $40,848 + 0 - 0

= $32,039

b. $72,887 - $40,848 + $1,050 × 12 - 0

= $19,439

c. $72,887 - $40,848 + 0 - $45,000

= -12,961

d. $72,887 - $40,848 + $1,050 × 12 - $35,000

= $32,039 + $12,600 - $35,000

= $9,639

6 0
3 years ago
On January 2, 20Y4, Whitworth Company acquired 40% of the
Gelneren [198K]

Answer:

Journal entries needed for:

a. Purchase of stock

b. Share of Aloof income

c. Dividend

d. Sale of Aloof company stock

a. Purchase of stock

Date                  Account Title                                   Debit                      Credit

Jan 2, 20Y4      Investment in Aloof company       $340,000

                          stock

                         Cash                                                                          $340,000

b. Share of Aloof income

Date                  Account Title                                   Debit                      Credit

Dec 31, 2024     Investment in Aloof company       $72,000

                          stock

                         Income of Aloof Company                                        $72,000

<u>Working:</u>

= 40% * 180,000 income

= $72,000

c. Dividend

Date                  Account Title                                   Debit                   Credit

Dec 31, 2024     Cash                                             $4,000

                         Investment in Aloof company                                  $4,000

                         stock

<u>Working:</u>

= 40% * 10,000 dividend

= $4,000

d. Sale of stock  

Date                  Account Title                                   Debit                      Credit

Dec 31, 2024    Cash                                             $405,000

                          Loss on sales of Aloof                 $3,000

                         company stock

                         Investment in Aloof company                                  $408,000

                         stock

<u>Working:</u>

Value of stock = Purchase price + share of Aloof income - Share of dividend

= 340,000 + 72,000 - 4,000

= $408,000

6 0
3 years ago
Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5% to open her lingerie shop. The date of the loan was March 5.
dezoksy [38]

Sue will pay back $507.20 in interest expense.

Explanation:

The formula for calculating simple interest is:

SI = P x r x t ÷ 100

  • P = Principal
  • r = Rate of Interest
  • t = Term of the loan/deposit in years

In the given problem,

  • Sue Gastineau borrowed $17,000 from Regions Bank so, P = $17000
  • Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5%, so r = 5.5 %
  • Number of days of the loan = March 5 to September 19
  • Sue borrowed $17,000 from Regions Bank for the period of = 198 days, So t = 198 / 365

Simple Interest = (17000 * (5.5/100) * (198/365))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = $507.20

5 0
3 years ago
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