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yanalaym [24]
3 years ago
7

Question 16 (3 points) The 2011 and 2012 Balance Sheets for Jacob, Inc. contained the following entries: 12/31/201112/31/2012 Ac

counts receivable$206$116 Inventories$590$603 Net fixed assets$102$307 Accounts payable$329$333 Jacob had materials purchases in 2011 of $1,689 and materials purchases in 2012 of $2,770 . What did Jacob record as Cost of Goods Sold (COGS) on its 2012 income statement
Business
1 answer:
maria [59]3 years ago
7 0

Answer:

$2,857

Explanation:

Cost of goods sold (COGS) refers to the relevant cost incurred to acquire or produce the products being sold a company during a particular period.

The formula for calculating the COGS is as follows:

COGS = Beginning inventories + Purchases - Ending inventories

From the question, we have the following for 2012:

Beginning stock = $590

Purchases = $2,770

Ending inventory = 503

Therefore, we have:

COGS for 2012 = $590 + $2,770 - $503 = $2,857

Therefore, Jacob should record $2,857 as Cost of Goods Sold (COGS) on its 2012 income statement.

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In this case the RR is guaranteeing the customer against loss. The customer initially bought the shares for $20 the new price is $10. The RR now coming in to buy the shares above market value is a way to guarantee the customer against loss, and its a NASD violation.

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3 years ago
A wealthy individual has set up a grat. should she die during the time the trust is active, how are the remaining assets in the
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4 0
2 years ago
What is a key factor you should consider when determining asset allocation
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The new growth theory states that A. technological advances are the responsibility of the government. B. the subsistence level i
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C. technological advances are the result of discoveries and choices.

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3 years ago
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