Cost of goods sold (Periodic System) = Beginning inventory + (Purchases, net of returns and allowances, and purchase discounts) + freight in − Ending inventory .
COGS = Cost of goods sold
COGS = 46200+(401100-13500-11300)+16000-57900
COGS = 380600
The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold. Depending on the nature of your firm, this could also include raw materials, packaging, direct labor involved in making or selling the product, and items bought for resale.
First In First Out (FIFO), Last In First Out (LIFO), and the Average Cost Method are the three techniques that a business might employ when tracking the amount of inventory sold over a given time period.
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Answer:
Total costs= $75,000
Explanation:
Giving the following information:
For 10,000 units:
$40,000 for direct labor
$4,000 for electric power
Total fixed costs are $23,000
We need to determine the unitary variable cost for direct labor and electric power:
Unitary direct labor= 40,000/10,000= $4
Electric power= 4,000/10,000= $0.4 per unit
Now, for 12,000 units:
Total direct labor cost= 4*12,000= $48,000
Electric power= 0.4*12,000= $4,800
Fixed costs= 23,000
Total costs= $75,000
Income before tax is the income that is before it has been taxed or before applying deduction.
<u>Explanation:</u>
An individual or organization's salary before taxes and deductions is before tax income for that company, organisation or for a single individual.
For singular pay, it is determined as the person's wages or pay, venture and resource gratefulness, and the sum produced using some other wellspring of pay. In an organization, it is determined as incomes less costs.
To accurately determine the financial performance of a company, it is necessary to compare its performance from <u>year to year</u>.
In order to accurately determine the financial performance of a company, financial statements are used in evaluating, which include the balance sheet, statement of cash flows, and the income statement.
Financial performance indicators are quite necessary as they are quantifiable metrics which are used to measure how well a company is doing. Some companies also hire an outside accounting firm to audit the financial statements.
Hence, it is necessary to compare the financial performance of a company from year to year.
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