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Luba_88 [7]
3 years ago
13

Using the information below, calculate net income for the period: Sales revenues for the period $ 1,318,000 Operating expenses f

or the period 253,000 Finished Goods Inventory, January 1 50,000 Finished Goods Inventory, December 31 55,000 Cost of goods manufactured for the period 554,000
Business
1 answer:
Vanyuwa [196]3 years ago
4 0

Answer:

Net Income                   516,000

Explanation:

Net income = revenue - expenses

sales revenue              1,318,000

COGS                          (549,000) (A)

Operating expenses <u>  (253,000)  </u>

Net Income                   516,000

(A)

<u>To calculate the COGS we will use the inventory identity</u>

$$Beginning Inventory + production = Ending Inventory + COGS

50,000 + 554,000 = 55,000 + COGS

50,000 + 554,000 - 55,000 = COGS

COGS = 549,000

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The designated market value:a. is always the middle value of replacement cost, net realizable value, and net realizable value le
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