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Olin [163]
3 years ago
12

Cinnamon Buns Co. (CBC) started 2021 with $61,500 of merchandise on hand. During 2021, $299,000 in merchandise was purchased on

account with credit terms of 2/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $18,500. Merchandise with an invoice amount of $7,800 was returned for credit. Cost of goods sold for the year was $335,000. CBC uses a perpetual inventory system.
Assuming CBC uses the gross method to record purchases, ending inventory would be:
Business
1 answer:
Elenna [48]3 years ago
6 0

Answer:

$30,220

Explanation:

Inventory purchased               $299,000

Discount (299,000*2%)                  ($5,980)

Freight Charges                           $18,500

Inventory returned                        ($7,800)

Net purchases                            $303,720

Cost of goods sold=opening inventory+purchases-ending inventory

$335,000=$61,500+$303,720-ending inventory

Ending inventory=61,500+303,720-335,000

Ending inventory=$30,220

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demographic and psychographic segmentation

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3 years ago
The vice president for BakerStone comes to you for help with sharing and supporting the new changes. Explain how she can use con
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6 0
1 year ago
When you purchase an item,
Sunny_sXe [5.5K]

Answer:

it would be C bc they sold something

4 0
2 years ago
Preparing a Cost of Goods Sold Budget
Art [367]

Answer:

Direct Materials      $    14*20,000            = $ 28000

Direct Labor            $  14*1.9* 20,000       = $ 532,000

Variable Overhead  $ 14*1.9*1.2*20,000  = $ 638400

Fixed Overhead $ 14*1.9*1.8*20,000  =  $957600

Total Manufacturing Cost $                = 2156000

Less: Ending Inventory $   107.8*730 = 78649

Cost of Goods Sold                      $2077306

Working:

Total Manufacturing Cost $  per unit      = 2156000/ 20,000= 107.8 $

Ending Inventory $   107.8*730 = 78649

4 0
2 years ago
Watson Company has monthly fixed costs of $80,000 and a 50% contribution margin ratio. If the company has set a target monthly i
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Explanation:

The dollar amount of sales that must be made to produce the target income would be:

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= 94700 / 0.5

= 189,400

7 0
3 years ago
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