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3 years ago

Cost of goods sold is characterized by the following statements

Business

1 answer:

melamori03 [73]3 years ago

4 0

Answer:

The interpretation of the particular context is provided in the subsection below on clarification.

Explanation:

The cost of the products sold has become a reporting liability on either the cash flow statement.
The cost of the goods offered for sale includes the cost of materials expenditures and the time to prepare such a component for selling price.
The cost of the goods generated is measured using gross profit. Prices of the products sold are also known as selling costs.

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Broihan Corporation has the following purchases budget for the last half of 2002:

olasank [31]

Answer:

b. $ 90,000.

Explanation:

Since the company pays half of the purchased amount at the time of purchase and the remainder in the following month. Cash disbursements in August are expected to be half of the amount purchased in July plus half of the amount purchased in August. Expected cash disbursements are:

$E=\frac{100,000}{2}+ \frac{80,000}{2}\\ E=\$90,000$

The answer is alternative b. $ 90,000.

6 0

3 years ago

The Breeze trading company discloses the following information for the month of August 2016.

s344n2d4d5 [400]

Answer:

Periodic system: FIFO ; COGS= $11400, closing inventory = $7700, gross profit=$14000. LIFO = closing stock= 6600, COGS=$12500, gross profit=12900.

perpetual system: FIFO ;COGS=11400, closing stock= $7700, gross profit= $11400. LIFO ; COGS=$12500, closing stock= $6600, gross profit = $12900

Reason for a higher gross profit in FIFO than LIFO is some of the stock ends up not being sold as they are maybe old, out-fashioned, and obviously new trend come about everyday.

Explanation:

PERIODIC

DR purchases account CR

11-Aug bank 9600 inventory 16100

20-Aug bank 6500

16100 16100

FIFA cost of sales

opening balance 3000

purchases 16100

closing 7700

cost of sales 11400

gross profit 14000

sales 25400

cost of sales 11400

closing inventory 7700

200 units from 11 aug 1200

1000 units from 20 aug 6500

LIFO

closing balance 6600

600 units from 01 aug 3000

600 units from 11 aug 3600

Cost of sales

opening stock 3000

purchases 16100

closing stock 6600

cost of sales 12500

gross profit 12900

sales 25400

cost of sales 12500

perpetual inventory system

FIFA

cost of sales 11400

10-Aug 2000

15-Aug 5800

27-Aug 3600

3 0

4 years ago

Why must food service operators pay attention to detail and watch every penny?

GREYUIT [131]

Food service operators must pay attention to detail and watch their finances in order to maximize the profit they can generate through the operation of their business. There are many aspects of a food service business that have potential to be a loss, so operators must be aware of these aspects - such as loss from ordering too much food or ingredients, employee theft, and so on.

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3 years ago

Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income i

pishuonlain [190]

Answer:

A) $7,000

Explanation:

Smith can deduct the $5,000 he donated to the church he attends. The art work donated to the local museum must be deducted at its basis, which is $2,000. Since he only purchased the painting 4 months before, the price increase will be considered a short term capital gain. Donated short term capital gain property must be deducted at basis.

The $1,000 he donated to the needy family is not deductible, since it wasn't a qualifying organization.

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4 years ago

Realists argue that the __________ is the key unit of analysis in international relations, whereas neorealists argue that the __

Delvig [45]

The answers are state, and international system

I hope that helped

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4 years ago