Answer:
Shrinkage = Closing inventory according to the books - Actual closing inventory after physical count
Closing inventory = Beginning inventory + Purchased inventory - Sold inventory
= 13,800 + 42,600 - 35,700
= $20,700
Date Account Title Debit Credit
XX-XX-XXXX Cost of Goods sold $20,700
Merchandise inventory $20,700
I would think it’s punctuation
Answer:
2.02
Explanation:
Each pail of plaster covers 97 Square feet of ceiling
The ceiling of the room is 14 ft long
= 14×14
= 196
Therefore the pail of plaster that will be needed to cover the rooms can be calculated as follows
= 196/97
= 2.02
Answer:
Gross profit= $260,000
Explanation:
Giving the following information:
Sales revenue $ 440,000
Cost of goods sold 180,000
The gross profit is the result of deducting the cost of goods sold from sales revenue. It will appear in the income statement under absorption costing.
Gross profit= sales revenue - COGS
Gross profit= 440,000 - 180,000= $260,000
