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ryzh [129]
3 years ago
9

Regardless of whether a business uses FIFO, LIFO, or weighted average cost for its inventory costing system, cost of goods avail

able for sale must be allocated at the end of the period between these two categories. Multiple Choice beginning inventory and cost of goods sold. net purchases during the period and ending inventory. ending inventory and beginning inventory. ending inventory and cost of goods sold.
Business
1 answer:
REY [17]3 years ago
8 0

Answer:

Cost of goods available for sale must be allocated at the end of the period between ending inventory and cost of goods sold.

Explanation:

Cost of goods available for sale can be described as the <u>maximum amount</u> of inventory, stock, or goods that is possible for a firm to sell during an accounting period. It is the maximum amount because it is not possible for a firm to sell more than the cost of goods available for sale.

The cost of goods available for sale is obtained by adding beginning inventory and net purchases during an accounting period. This can be stated as follows:

COGAFS = BI + NP ............................... (1)

Where;

COGAFS = Cost of goods available for sale

BI = Beginning inventory

NP = Net purchases

At the end of an accounting period, ending inventory is deducted from the cost of goods available for sale to obtain cost of goods sold as follows:

COGS = COGAFS - EI ............................ (2)

Where;

COGS = Cost of goods sold

COGAFS = Cost of goods available for sale

EI = Ending inventory

Rearranging equation (2) and solve for COGAFS, we have:

COGFAS = COGS + EI ........................... (3)

Equation (3) therefore implies that the correct option is "cost of goods available for sale must be allocated at the end of the period between ending inventory and cost of goods sold".

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Answer:

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Explanation:

Business strategy can be defined as a tool used by organisations to achieve their objectives and goals. A business strategy outlines the various actions that should be carried out by an organisation inorder to attract more customers and gain a high rank among competitors in the market.

A good business strategy helps the employees to identify their various weakpoints, the areas that they are not putting enough efforts. This helps to increase productivity which would lead to the growth of the company.

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Incurred manufacturing overhead costs a. $6,000 in indirect materials b. $9,200 in indirect labor (credit Wages Payable) c. $4,7
sp2606 [1]

Answer:

total manufacturing overhead cost incurred 33,250 dollars

Explanation:

the incurred overhead cost will be the sum of the indirect materials, the indirect labor, the depreciation and and other indirect cost paid or not. Givn our information , there seems to be no additional cost for manufacturing overhead so, actual overhead will be the sum of these:

indirect materials   6,000

indirect labor          9,200

depreciation          4, 750

other cost            <u>  13,300  </u>

total                       33,250

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How to watch my mobile number​
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Answer:

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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per un
Elenna [48]

Answer:

Fortune, Inc.

Budgeted Income Statement

For the first quarter, 202x

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Sales revenue           $1,125,000     $1,375,000    $1,250,000   $3,750,000

Cost of goods sold   $630,000      $770,000       $700,000     $2,100,000

Gross profit               $495,000       $605,000      $550,000     $1,650,000

S&A expenses:

  • Rent                    $14,000          $14,000          $14,000        $42,000
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EBIT                            $107,250        $159,750        $133,500      $400,500

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Net income                 $75,075          $111,825         $93,450       $280,350

4 0
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So as per the given situation, the first option is correct

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