Answer:
The company reported $61,250 amount of Cost of Goods Sold
Explanation:
As gross profit percentage is the net percentage of sales revenue and cost of goods sold. We can find the cost of goods sold percentage as follow
Gross profit = Sales - Cost of Goods Sold
Placing the percentage
65% = 100 % - Cost of Goods sold
Cost of Goods sold = 100% - 65%
Cost of Goods sold = 35%
Now calculate the value of cost of goods sold using following formula
Cost of goods sold percentage = Cost of good sold / Sales Revenue
35% = Cost of Goods sold / $175,000
Cost of Goods sold = $175,000 x 35%
Cost of Goods sold = $61,250
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Answer:
LIFO. usually results in a balance sheet valuation of inventory farthest away from its economic value. LIFO. would result in the highest after-tax cash flow in periods of rising prices and non-decreasing levels of inventory.
smort doggo is off to another question
<span>If these are the missing choices:
</span>A : the Securities and Exchange Commission, income principle
<span>B : GAAP, revenue recognition principle
C : GAAP, expense recognition principle
D : the IRS, tax principle </span><span>
My answer is: </span><span>B : GAAP, revenue recognition principle
</span><span>
The cash-basis is not in accordance with GAAP, and mahogany is in violation of the REVENUE RECOGNITION PRINCIPLE.
GAAP refers to Generally Accepted Accounting Principle.
It is stated that income must be recognized when it is earned not when cash is received. Because the company is using cash-basis, they will only report income earned on July 12 when they received the money not when they earned it which is before their fiscal year ending June 30.
They should recognized receivables from customers before closing the books for the fiscal year. </span>
