1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Katen [24]
4 years ago
8

A company using the periodic inventory system has inventory costing $152 on hand at the beginning of a period. During the period

, merchandise costing $492 is purchased. At year-end, inventory costing $356 is on hand. The cost of goods sold for the year is:____________.A. $288B. $152C.$492D.$356
Business
2 answers:
BabaBlast [244]4 years ago
7 0

Answer:

A. $288

Explanation:

The cost incurred to produce or purchase the product which is being sold is called cost of goods sold.

Cost of Goods Sold = Beginning Inventory + Purchases in the period - Ending Inventory

Cost of Goods Sold = $152 + $492 - $356

Cost of Goods Sold = $288

Arturiano [62]4 years ago
3 0

Answer:

A. $288

Explanation:

We solve using the inventory identity

$$Beginning Inventory + Purchase = Ending Inventory + COGS

We replace for the know values and solve for COGS like in a sovle for X question

152 + 492 = 356 + COGS

644 = COGS + 356

COGS = 644 - 356 = 288

You might be interested in
If Japan has a comparative advantage in the production of microchips,how would that affect their international trade?
12345 [234]

Answer: countries would purchase microchips from japan because they are cheaper

Explanation:

6 0
3 years ago
Read 2 more answers
Why do people need to buy and sell products or services answers?
blagie [28]
It is on account of nobody is independent.A service is the creation of a basically elusive advantage, either in its own particular right or as a critical component of a substantial item, which through some type of trade, fulfills a distinguished need.
4 0
3 years ago
Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a
Angelina_Jolie [31]

Answer and Explanation:

The computation of the ending balance in the work in process inventory for each department is shown below:

For Cutting department

= Direct material + conversion + cost added for direct material + cost added for conversion - transferred in from cutting department

= $1,095 + $3,650 + $13,740 + $18,300 - $17,395

= $19,390

And, for binding department

= Transferred in from cutting department Direct material + conversion + cost added for direct material + cost added for conversion - transferred to finished goods

= $1,200 + $2,862 + $3,800 + $9,332 + $19,475 - $31,000

= $5,669

8 0
3 years ago
The weak form of the efficient-market hypothesis asserts that stock prices do not rapidly adjust to new information contained in
Bess [88]
I really don’t know but mark me brainliest because I lost most of my points
6 0
3 years ago
Maxim Company had the following partial listing of accounts and balances at year-end: Cash, $7,000; Accounts Receivable, $6,000;
MrRissso [65]

Answer:

B. $23,000

Explanation:

Recall that, assets are resources that an individual or an organization has which have future economic value that can be measured,

Thus,

Total current assets = Cash + account receivable + supplies + prepaid rents + inventories.

Therefore

Total current assets = 7000 + 6000 + 1000 + 4000 + 5000

= $23,000

Note: Land is not included in CURRENT asset. Land are longterm assets.

3 0
3 years ago
Read 2 more answers
Other questions:
  • Fox Co. reported a retained earnings balance of $800,000 at December 31, 20x1. In August 20x2, Fox determined that insurance pre
    12·1 answer
  • The Southside Corporation budgeted 4,400 pounds of direct materials to make 2,600 units of product. The company actually used 4,
    12·2 answers
  • In the _________, if profits are not possible, the perfectly competitive firm will seek out the quantity of output where _______
    9·1 answer
  • Which of the following are main responsibilites employers have under OSHA's standards?
    7·1 answer
  • An investment's time horizon affects the after-tax rate of return on investments taxed annually. true or false
    13·2 answers
  • Individuals play what role in the economy?
    12·2 answers
  • Licensee Gary advises Buyer Tim that a property Tim is interested in is zoned for commercial use. In fact, Gary does not know wh
    10·1 answer
  • Please help…………………………….
    7·1 answer
  • Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____. A. Closing costs b. Commi
    12·1 answer
  • With huge amounts of money being invested in securities during the longest and biggest bull market in American history, who beca
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!