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Komok [63]
3 years ago
12

Wholesale Company began the year with merchandise inventory of $ 8 comma 000. During the​ year, Upper S purchased $ 96 comma 000

of goods and returned $ 6 comma 200 due to damage. Upper S also paid freight charges of $ 1 comma 100 on inventory purchases. At​ year-end, Upper S​'s ending merchandise inventory balance stood at $ 17 comma 300. Assume that Upper S uses the periodic inventory system. Compute Upper S​'s cost of goods sold for the year
Business
2 answers:
schepotkina [342]3 years ago
8 0

Answer:

Refer below for the explanation.

Explanation:

Inventory                8,000

Purchases                            96,000

Less: return        6,200

Add Freight                       1,100

Less: Closing      17,300

COGS.              81,600

yanalaym [24]3 years ago
5 0

Answer:

The answer is given as below;

Explanation:

Opening inventory                  $8,000

Purchases                              $96,000

Less: return outwards             ($6,200)

Add; Freight in                            $1,100

Less: Closing Inventory            ($17,300)

Cost of Goods Sold                   $81,600

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Harlamova29_29 [7]

Answer:

$1,200,000

Explanation:

The computation of the accrued interest is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $48,000,000 × 10% × (3 months ÷ 12 months)

= $1,200,000

We simply applied the simple interest formula by considering the principal amount, rate of interest and the number of months so that the correct amount could come

3 0
3 years ago
Research suggests that the most important determinant of new product success is:
Ivan

The answer is managerial behavior. It is because this is the most important determinant of new product success because of its application and function of having to provide an increase with the participation of employees and the products that are being consumed by the consumers.

5 0
3 years ago
Stefan is having discussions with​ customers, product​ enthusiasts, and other people who engage in online discussions. Which inf
quester [9]

<u>Answer: </u>Option E

<u>Explanation:</u>

Analyzing the audience in informal method is through listening to the community. This is the feedback that Stefan can collect by listening to what the community says. based on this information decisions can be made by the product managers. By listening to the community Stefan can also understand their perspective.

To achieve excellence in business communication it is necessary to have informal communication of listening to community. Through listening important messages and insights can be received from customers, product enthusiasts and people in online discussions.

8 0
3 years ago
Use straight line (SL) depreciation to determine a. annual depreciation charge (5 points) and b. annual book values for the life
Andrew [12]

Explanation:

The computation is shown below:

Year            Depreciation                Book value

0                                                      $1,200,000

1                   $125,000                    $1,075,000

2                  $125,000                    $950,000

3                  $125,000                    $825,000

4                  $125,000                    $700,000

5                  $125,000                    $575,000

6                  $125,000                    $450,000

7                  $125,000                     $325,000

8                  $125,000                     $200,000

The depreciation expense is

= ($1,200,000 - $200,000) ÷ (8 years)

= $125,000

4 0
3 years ago
At the beginning of 2016, Gannon Company received a three-year zero-interest-bearing $1,000 trade note. The market rate for equi
notka56 [123]

Answer:

d. Overstate, understate, understate, zero

Explanation:

The amount of earnings overall is the same. so, in the end, there is n difference in retained earnings.

But, on accrual accounting, the note should not enter the accounting as 1,000 as time value of money exist.

At 2016 the sales revenue should be the present value of 1,000 dollars not the complete 1,000 dollars. Thus, is overstated.

Then, the interest accrued from the note are not recognized. Thus, the first year (2016) recognize revenues that should be matched with 2017 and 2018

Thus, these two subsequent years ended understated.

6 0
3 years ago
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