Net sales for the Boron Company were $60,000, with $7,000 in beginning inventory, $35,000 in purchasing, and $5,000 in ending inventory. $37,000 is the cost of the sold goods.
Cost of Goods Sold is calculated as Beginning Inventory minus Purchases minus Ending Inventory.
$7000+$35000-$5000=$37000
The direct costs of producing the products that a business sells are referred to as its cost of goods sold (COGS). The cost of the labor and materials directly employed to make the good are also included in this sum. It doesn't include indirect expenditures like those associated with the sales staff and distribution. As a company's gross profit is calculated by subtracting COGS from its revenues, COGS is a crucial financial statement statistic.
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Answer:
a. <u>FALSE</u>
b. A contract cannot forbid the assignment of the right to receive <u>funds</u> . Assignments also cannot be restricted for the transfer of <u>real estate</u> , also called a restraint against <u>alienation</u> . A contract cannot prohibit the assignment of checks or promissory notes, also called <u>negotiable instruments</u> . The right to receive <u>damages</u> in a contract for the sale of <u>goods</u> also can be assigned, even if the contract forbids it.
Answer: $726,957.60
Explanation:
The debit to Lease Receivable is the present value of the payments to be made by B Corp. for the 8 years.
Payments are made twice a year so period is 16 periods.
Rate = 8% /2
= 4%
Present value = Payments * Present value of an annuity due factor, 16 periods, 4%
= 59,980 * 12.12
= $726,957.60
<h2>A control total for hours worked, prepared from time cards collected by the timekeeping department.</h2>
Explanation:
An employee should get salary only based on the number days / number hours worked for the organization. So the time card will help the organization to solve the problem.
So the time card should be collected and then only the salary needs to be calculated. The salary calculation should take number of leaves (paid / unpaid), permissions and On-duty in to account so that the expected outcome can be achieved.
Answer:
The correct answer would be option C, The price needs to increase.
Explanation:
In order to maintain a balance or equilibrium, there should always be a balance between the quantity demanded and the quantity supplied. If quantity demanded exceeds quantity supplied, it means people are demanding the product more and the supply of that product is not meeting the demand. In this scenario when there is more demand of a product than supply, the price of the product should increase in order to create a balance between the quantity demanded and supplied, because it is the law of demand that when demand increases, the prices of the product also increases and vice versa. So to maintain the equilibrium, the price of the product should increase. In this way demand will decrease and will reach a point where demand will meet the supply of the product.
