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Katen [24]
3 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]3 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]3 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

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Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received
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Answer:

A. $11,970

B. $11,890

C. January

Explanation:

a. Calculation for the after-tax cost if Isabel pays the $19,000 bill in December

After-tax cost=$19,000 - ($19,000 x 37%)

After-tax cost= $19,000 - $7,030

After-tax cost= $11,970

Therefore the after-tax cost if Isabel pays the $19,000 bill in December will be $11,970

b. Calculation for the after-tax cost if Isabel pays the $19,000 bill in January

First step is to calculate the cost before taxes

Cost before taxes = $19,000 - ($19,000 x 8%/12) Cost before taxes= $19,000 - $127

Cost before taxes= $18,873

Now let calculate the After-tax cost

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After-tax cost= $18,873 - $6,983

After-tax cost = $11,890

Therefore the after-tax cost if Isabel pays the $19,000 bill in January will be $11,890

c. Based on the above calculation for both a and b, Isabel should pay the amount of $19,000 bill in January reason that it has the lowest cost of debt of the amount of $11,890 compare to December which has the cost of debt of the amount of $11,970.

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2 years ago
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When bank charged another company's check against our account this would be included on the bank reconciliation as a addition to the balance per books.

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1 year ago
Jared had studied extremely hard for his math test and believed he had understood the material and memorized the formulas. As he
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3 years ago
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How much will $6000 be worth if it is invested at 3.5% interest for 20 years compounded annually, semi-annually, quarterly, mont
BabaBlast [244]

Answer:

Results are below.

Explanation:

Giving the following information:

Initial investment= $6,000

<u>To calculate the future value, we need to use the following formula:</u>

FV= PV*(1+i)^n

<u>Compounded annually:</u>

n= 20

i= 0.035

FV= 6,000*1.035^20

FV= $11,938.73

<u>Compounded semi-annually:</u>

n=20*2= 40

i= 0.035/2= 0.0175

FV= 6,000*(1.0175^40)

FV= $12,009.58

<u>Compounded quarterly:</u>

n= 20*4= 80

i= 0.035/4= 0.00875

FV= 6,000*(1.00875^80)

FV= $12,045.78

<u>Compounded monthly:</u>

n= 20*12= 240

i= 0.035/12= 0.00292

FV= 6,000*(1.00292^240)

FV= $12,079.84

<u>Compounded weekly:</u>

n= 20*52= 1,040

i= 0.035/52= 0.000673

FV= 6,000*(1.000673^1,040)

FV= $12,078.71

<u>Compounded daily:</u>

n= 20*365= 7,300

i= 0.035/365= 0.000096

FV= 6,000*(1.000096^7,300)

FV= $12,091.78

3 0
2 years ago
Read 2 more answers
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