Answer:
73,450 COGS
Explanation:
From the beginning inventory we add up purchase and freight cost and subtract the return made to the suplier and discount and allowance granted.
This will be the total cost available for sale.
Then we subtract the ending inventory to get the COGS
27,000 beginning inventory
+ 78,000 purchases
+ 350 freight-in
- 3,900 return and allowance
<u>- 6,000 </u>discount
95,450 good available for sale
<u>- 22,000 </u>ending inventory
73,450 COGS
The sales return impact the sales revenue not the COGS
The answer is: <span>, the blower should be operated after refueling and before starting the engine
In a boat, the blower's function is to safely remove the residual from the fuel that is used to move the boat.
If we do not start the blower properly, there is a chance that our boat could explode while in the middle of operation.</span>
Answer:
The mississippi college savings account program helps children save for more expensive schools by starting a savings account at a very young age.
The Mississippi College Savings Account Plan is helping bridge the economic drive by allowing the students to become familiar with the banking service, getting them used to the banking system and saving accounts.
The journal entry on May 1 was:
A debit to Prepaid Insurance for 15,600
And a credit to cash for 15,600
Prepaid Insurance is the share of an insurance premium that
has been paid in early and has not finished as of the balance sheet date.
The monthly insurance payment for two years is computed by 15,600/24
months which is $650 per month.
At December 31 the adjusting entry would be:
A debit to Insurance Expense 5,200
And a credit to Prepaid Insurance for 5,200
5,200 is computed by:
650 x 8 months (starting from May 1 to December 31) = 5,200
Answer:
The answer is General Forge and Foundry Company selling and replacing its inventory 2.55 times per year on average.
Explanation:
We have:
The company cost of good sold = Sales x 65% = 100,000 x 65% = $65,000
The company inventory = Total current asset - Cash - Account Receivable = 85,000 - 38,250 - 21,250 = $25,500
=> Inventory turn over ratio = Cost of good sold / Inventory = 65,000/25,500 = 2.55 times or the company is selling and replacing its inventory 2.55 times per year.
So, the answer is 2.55 times.
