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3 years ago

Using the fifo method what is the cost of goods sold in september

Business

1 answer:

valina [46]3 years ago

3 0

Answer:

1805

Explanation:

Number of units sold in September = 160 units

Using the first - In, First out inventory method : assumes that the oldest (first) inventory items have been sold first.

Inventory items will first be sold from April, the May and so on :

Unit price in April = $11 ; Number of items = 115

($11 * 115) = $1265

(160 - 115) = 45 units

This 45 units will be sold at unit price for May :

(45 * $12) = $540

Cost of goods sold in September :

$1265 + $540 = $1805

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Cool Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $ 2 comma 003 c

Scrat [10]

Answer:

Cost of Goods Sold Budget

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Cost of Goods Sold $1,568,000 $1,664,600

Inventory Budget

October November

Total $752,920 $772,800

Purchase Budget

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Budgeted Purchases $2,259,320 $2,397,880

Explanation:

Cost of Goods Sold Budget

Gross Profit Margin = 30% therefore Markup is 70%

October November December

Sales $2,240,000 $2,378,000 $2,520,000

Cost of Goods Sold (70%) $1,568,000 $1,664,600 $1,764, 000

Inventory Budget

October November

Base Amount $420,000 $420,000

Based on Sales (20%) $332,920 $352,800

Total $752,920 $772,800

Purchase Budget

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Add Budgeted Closing Inventory $752,920 $772,800

Total Purchases Needed $2,992,920 $3,150,800

Less Budgeted Opening Inventory ($733,600) ($752,920)

Budgeted Purchases $2,259,320 $2,397,880

September Closing Stock is October`s Opening Stock

Therefore September Closing Stock = $420,000 + $1,568,000 × 20%

= $733,600

6 0

3 years ago

nder the general transfer pricing rule with excess capacity, the opportunity cost would be equal: Multiple Choice zero. the dire

Thepotemich [5.8K]

Answer:

ZERO.

Explanation:

A transfer price normally is used to determine the cost to charge another division, subsidiary, or holding company for services rendered. It is said that transfer prices are priced based on the going market price for that good or service. Transfer pricing can also be applied to intellectual property such as research, patents, and royalties.

However, companies at times can also use (or misuse) this practice by altering their taxable income, thus reducing their overall taxes. The transfer pricing mechanism is a way that companies can shift tax liabilities to low-cost tax jurisdictions.

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3 years ago

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ArbitrLikvidat [17]

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2 years ago

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Vilka [71]

Answer:

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