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Gnoma [55]
3 years ago
12

If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, cost of goods sold is $

390,000. $370,000. $330,000. $420,000.
Business
1 answer:
k0ka [10]3 years ago
5 0

Answer:

390,000

Explanation:

The cost of goods sold is the expense incurred in producing goods to be sold in a period. It is abbreviated as COGS.

The cost of goods sold is calculated using the formula

COGS = opening stock + purchase/ cost of goods manufactured - ending stock

In this case:

Beginning  stock = $60,000

Ending stock =$50,000

Cost of goods manufactured $380,000

COGS= $60,000 + $380,000- $50,000

COGS = $390,000

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On November 1, 2018, ABC signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six mo
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Answer:

ABC

In recording the payment of the note plus accrued interest at maturity on May 1, 2019, ABC would: __________

Journal Entries:

May 1, 2019:

Debit Interest Payable $1,000

Debit Interest Expense $2,000

Debit Notes Payable $100,000

Credit Cash $103,000

To record the payment of the note plus accrued interest at maturity.

Explanation:

a) Data and Calculations:

November 1, 2018:

6% 6-month Note Payable = $100,000

December 31, 2018:

Accrued interest = $1,000 ($100,000 * 6% * 2/12) for 2 months

May 1, 2019:

Interest Expense = $2,000 ($100,000 * 6% * 4/12) for 4 months

Transaction Analysis on May 1, 2019:

Interest Payable $1,000 Interest Expense $2,000 6% Notes Payable $100,000 Cash $103,000

6 0
2 years ago
What is human rights​
Karo-lina-s [1.5K]

Answer:

Human rights are the basic rights and freedoms that belong to every person in the world, from birth until death. ... These basic rights are based on shared values like dignity, fairness, equality, respect and independence. These values are defined and protected by law.

4 0
3 years ago
Read 2 more answers
On January 1, 2018, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc
Archy [21]

Answer:

The amount of loss should Jacob Inc. record on December 31, 2019 is $38,000

Explanation:

Truck Value =  $48,000

Annual depreciation =   ( $48,000 -   $8,000) / 8 = $40,000 / 8= $5,000

First year (2018) = $40,000 - $5,000 =  $35,000

Second year (2019) = $35,000 - $5,000 =  $30,000

Loss  = Truck Value (actual) + estimated residual value=  $30,000 + $8,000 = $38,000

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3 years ago
Design Interiors has a cost of equity of 14.9 percent and a pretax cost of debt of 8.6 percent. The firm's target weighted avera
Savatey [412]

Answer:

0.73

Explanation:

Given that

WACC = 11%

Tax rate = 34%

Cost of equity = 14.9 %

Cost of debt = 8.6%

Recall that

WACC = (cost of equity × % of equity) + (cost of debt × % of debt) + ( 1 - tax rate)

We are to find

Cost of debt and cost of equity

Let

Cost of debt be x

Cost of equity be (1 - x)

Thus,

0.11 = (1 - x)(0.149) + (x)(0.086)(1 - 0.34)

x = 0.4228

Therefore,

Debt-equity ratio

= Cost of debt/cost of equity

= 0.4228/(1 - 0.4228)

= 0.73

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3 years ago
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or 2018, Gourmet Kitchen Products reported $22 million of sales and $18 million of operating costs (including depreciation). The
Vinil7 [7]

Answer:

Economic value added = $1,250,000

Explanation:

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Economic value added =  ($4,000,000 * 0.65) - $1,350,000

Economic value added  = $2,600,000 - $1,350,000

Economic value added = $1,250,000

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3 years ago
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