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Alexxandr [17]
3 years ago
7

During a reporting period, a computer manufacturing company used raw materials of $50,000, had direct labor costs of $75,000, an

d factory overhead of $30,000. other expenses were for advertising of $5,000, staff salaries of $10,000, and bad debt of $3,000. the company did not have a beginning balance in any inventory account. all goods manufactured during the period were sold during the period. what amount was the company's cost of goods sold during the reporting period
Business
1 answer:
sammy [17]3 years ago
3 0
<span>To calculate the cost of goods sold we use the following formula:
 beginning inventory + the cost of goods purchased or manufactured = cost of goods available ending inventory.
 Since there was no beginning balance in inventory account and all goods were sold we can assume that cost of goods = total costs for the period. Adding up all costs for the period comes to $173,000.</span>
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3 years ago
Assume you receive a 3.5% raise in your 2014 salary for 2015. In addition, suppose the CPI was 238 in 2014 and 240 in 2015. Your
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Inflation rate = (CPI of second year - CPI of the first year ) / CPI of the first year

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4 0
2 years ago
If a check correctly written and paid by the bank for $408 is incorrectly recorded on the company's books for $480, the appropri
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Answer:

The correct answer is add $72 to the book's balance.

Explanation:

Bank reconciliation is a way of identifying discrepancies between the cash book balance (company's books) and the bank balance (balance per bank statement). The discrepancies can be as a result of erroneous posting, deposit in transit, outstanding checks, etc.

In the instance of the question, there was an erroneous posting in the cash book of $72 ($480 - $408). Instead of crediting cash book by $408, it was rather credited by $480 - meaning that the credit was overstated by $72. <em>To correct this erroneous posting, we have to add back $72 to the cash book balance.</em>

8 0
3 years ago
Suzie Smith is a real estate sales associate. She is a top producer and likes to maintain her independence. She sets up her offi
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Answer:

No

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Cheers.

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3 years ago
Brief Exercise 12-05 Nabb &amp; Fry Co. reports net income of $31,000. Interest allowances are Nabb $7,000 and Fry $5,000, salar
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Answer:

The calculation is shown below:

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The distribution of income is shown below:

Particulars           Nate Frank Total

Interest Allowance $7,000 $5,000 $12,000

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Total                        $22,000  $15,000  $37,000

Remainder (Equally) ($3,000)  ($3,000) ($6,000)

Net Income                $19,000  $12,000  $31,000

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