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3 years ago

14

During the year, a company's inventory decreased by $20,000. if the company's cost of goods sold for the year was $400,000, find

the amount for purchases.

1 answer:

NISA [10]3 years ago

7 0

Purchases for the year = $380,000

Cost of goods sold = change in inventory + purchases

Make purchases = x, solve for x

400,000 = 20,000 + x

x= 380,000

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Using the data from the Terrace Industries:

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Answer:

Purchasing 70,000 x 1/3 = $23,333 DISTRICT 1

Purchasing 70,000 x 2/3 = $46,667 DISTRICT 2

Payroll 80,000 x1/3 = $26,667 DISTRICT 1

Payroll 80,000 x 2/3 = $53,333 DISTRICT 2

Explanation:

Sales 300,000 + 600,000 = 900,000

District 1 300,000/900,000 = 1/3

District 2 600,000/900,000 = 2/3

Purchasing 70,000 x 1/3 = 23,333

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Payroll 80,000 x1/3 = 26,667

Payroll 80,000 x 2/3 = 53,333

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Answer:

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