1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vilka [71]
3 years ago
8

The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balan

ce was $31,600, and the December 31 finished goods inventory balance was $24,200.
1. Cost of goods manufactured during the period was ________.

a. $288,800

b. $233,000

c. $225,600

d. $240,400
Business
1 answer:
VMariaS [17]3 years ago
8 0

Answer: d. $240,400

Explanation:

To calculate the Cost of Goods sold for the year we simply add the Opening Balance of Finished goods to the Cost of Goods for the year and then subtract the Finished goods balance at year end (ending).

That would be,

= 233,000 + 31,600 - 24,200

= $240,400

$240,400 is the Cost of Goods sold for the year so Option D is correct.

You might be interested in
Your task is to take this and construct a graphical representation of the data. in doing so, you determine that as the price of
fenix001 [56]
<span>Your task is to take this and construct a graphical representation of the data. in doing so, you determine that as the price of soup rises, the quantity of soup demanded decreases. This confirms the Law of Supply and Demand which states that the supply is inversely proportional to the demand. Simply speaking, whenever there is an increase in the price, the supplier tends to produce an excess supply even though the demand is low to generate a greater profit.</span>
3 0
3 years ago
Having just one error on a cover letter may eliminate an applicant from being considered for employment.
zubka84 [21]

Answer:

i think its true

Explanation:

im sorry if im wrong

8 0
2 years ago
Read 2 more answers
Can you breifly explain why stockholders' investment and revenues increase stockholders' equity, while dividends and expenses de
Scilla [17]
From an accounting standpoint, stockholders' investment and revenues increase the assets of the company without adding to the liabilities. Therefore according to the equation (A = L + E), equity must increase.

Similarly, issuing dividends and paying expenses pays cash out of the company, which decreases assets without changing liabilities. Therefore equity must decrease.

Another way to think of it is: what contributes to the company's profit and/or value, and what decreases these things? Well, revenues and people investing in the company are good (and therefore good for stockholders), and giving cash out and paying expenses are costs to the company (and therefore decrease value for stockholders).
5 0
3 years ago
A stock had returns of 17.88 percent, −5.16 percent, and 20.39 percent for the past three years. What is the variance of the ret
Arturiano [62]

Answer:

Variance of the return = 0.01983

Explanation:

S^{2}= Σ(X-X)^{2}/ N - 1

Mean return = 17.88% + -5.16% + 20.39% = 11.0367%  

Variance = [(17.88% - 11.0367%)2 + (-5.16% - 11.0367%)2 + (20.39% - 11.0367%)2] /(3 - 1)

Variance = [0.004683 + 0.026233 + 0.008748]/2

Variance = 0.01983

6 0
3 years ago
Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 44,500 share
steposvetlana [31]

Answer and Explanation:

The journal entries are shown below;

On March 1

Cash A/c $303,500

     To Common Stock $3 Par value (44,500 × $3) $133,500

       To Paid in capital in excess of par value $170,000

(Being the common stock issued is recorded)

On April 1

Cash $74,000

      To Common Stock, no par value $74,000

(Being the common stock issued is recorded)

On April 6

Inventory $43,000

Machinery $155,000

 To Common Stock (2,400 ×$20) $48,000

 To Notes payable $93,000

  To Paid in capital in excess of par value $57,000

(Being the shares are issued)

3 0
3 years ago
Other questions:
  • Which of the following is NOT true about organizational processes? Select one: a. They are only found at the top hierarchy level
    11·1 answer
  • Transactions for Sheridan Company for the month of June are presented below.
    8·1 answer
  • For example, administrative expenses should be $3,700 per month plus $41 per course plus $7 per student. The company’s sales sho
    15·1 answer
  • What is a Financial market
    14·2 answers
  • Crane Corporation had income from operations of $6,433,500. In addition, it suffered an unusual and infrequent pretax loss of $7
    8·1 answer
  • An investment in an available-for-sale security is transferred to trading because the company anticipates selling the stock in t
    11·1 answer
  • The general ledger shows a balance of $ 66 comma 200 in the Merchandise Inventory account at the end of the period. The physical
    12·1 answer
  • One of the advantages of being a limited partner in a real estate investment venture is that you have __________ liability. limi
    10·1 answer
  • Of products found in each category.
    10·1 answer
  • After a hurricane devastates New Orleans, a Canadian charity sends $1 million to the U.S. to help the survivors rebuild their ho
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!