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horrorfan [7]
3 years ago
14

At the beginning of the current accounting period Blazer Company had a $40,000 balance in its Finished Goods Inventory account.

During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000. Based on this Information the amount of cost of goods sold is
a. $278000
b. $280000
c. $282000,
d. The answer cannot be determined from the information pro
Business
1 answer:
Salsk061 [2.6K]3 years ago
4 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Beginning finished goods inventory= $40,000

During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 40,000 + 280,000 - 42,000

COGS= 278,000

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Melody's Piano School operations for the month of May are summarized in the following three transactions: - Provided $1,150 of i
Eddi Din [679]

Answer:

Melody's net income for may is $ 1,075.

Explanation:

New income in cash basis = collection from instruction - piano rental bill

                                            = $ 1,575 - $ 500

                                            = $ 1,075

Therefore, Melody's net income for may is $ 1,075.

3 0
3 years ago
Company X's current assets increased by $40 million from 2007 to 2008, while the company's current liabilities increased by $25
Virty [35]

Answer:

b. An increase of $15 million

Explanation:

The computation of the cash impact of the change in working capital is shown below:

As we know that

Working capital = Current assets - current liabilities

So, the change in working capital is

= Increase in current assets  - increased in current liabilities

= $40 million - $25 million

= $15 million

Hence, the b option is correct

7 0
3 years ago
Ezra runs a gyro stall at the local farmers' market. He would like to expand and open his own shop downtown. He has made the cha
Kaylis [27]

Answer: Economic choices result in trade-offs.

Explanation:

The chart simply purports to show that when making economic decisions, you will have to accept trade-offs because resources are not infinite.

For instance, in order to expand, you will need to take on more financial risk. In that same vein, in order to serve more people, you will have to divide time between two stalls and might end up closing a stall.

Trade-offs simply have to be made.

7 0
3 years ago
. Dolores used to work as a high school teacher for $40,000 per year but quit in order to start her own catering business. To bu
VladimirAG [237]

Answer:

The correct option is B

Explanation:

In order to compute the profit, the accountant consider the Explicit cost so,

Explicit Cost = Borrowed amount × Interest rate + Ingredients amount

                     = $30,000 ×  3% + $25,000

                     = $259,000

Where Revenue is $60,000

Profit = Revenue - Explicit Cost

        = $60,000 - $259,000

        = $34,100

Economic Profit is computed as:

Economic Profit = Total Profit - Implicit Cost

                          = $34,100 - $40,600

                          = - $6,500

where

Implicit Cost = Salary + Interest

                = $40,000 + ($20,000 × 3%)

                =  $40,000 + $600

                = $40,600

Therefore, Louis says profit is $34,100 and Greg says she lost $6,500

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