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kotegsom [21]
2 years ago
7

Exercise 6-1A Calculate cost of goods sold (LO6-2) Russell Retail Group begins the year with inventory of $55,000 and ends the y

ear with inventory of $45,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 210,000 Purchase on May 6 130,000 Purchase on September 8 160,000 Purchase on December 4 410,000 Required: Calculate cost of goods sold for the year.
Business
1 answer:
fomenos2 years ago
7 0

Answer:

COGS= $920,000

Explanation:

Giving the following information:

Beginning inventory= $55,000

Ending inventory= $45,000

Purchases= 210,000 + 130,000 + 160,000 + 410,000= $910,000

<u>To calculate the cost of goods sold (COGS), we need to use the following formula:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS=  55,000 + 910,000 - 45,000

COGS= $920,000

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Athis Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxabl
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Answer:

The answer is given below;

Explanation:

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4 0
3 years ago
During the most recent month, the following activity was recorded: a. Eleven thousand two hundred pounds of material were purcha
VikaD [51]

Complete question:

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:

Standard Quantity or Hours Standard Price or Rate Standard  Cost

Direct materials 4.6 pounds $ 2.50 per pound $ 11.50

Direct labor 0.2 hours $ 12.00 per hour $ 2.40

During the most recent month, the following activity was recorded:

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b. The company produced only 1,120 units, using 10,080 pounds of material. (The rest of the material purchased remained in raw materials inventory.)

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3 years ago
All of the following situations contribute to the need for a company to recognize deferred revenues, except for:
blondinia [14]

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3 years ago
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