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kotegsom [21]
3 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:
fomenos3 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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Answer:

A) Functional and social value

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Seeing the benefit that customers attribute to products is a marketing strategy to optimize sales and establish a brand that customers identify with. In this case, motorcyclists experience functional benefit and social benefit.

The functional benefit concerns the essential characteristics of the product, such as physical characteristics that please the consumer (eg the motorcycle scooter design). The social benefit is associated with the pleasure that the customer gets when purchasing the product. This is an individual benefit for each consumer, however, is an extrinsic advantage attributed to the product. For example, the status that the motorcycle brings to its owner.

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What was the earliest franchise of indoor cycling classes called?.
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<h3>Spinning</h3>

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3 years ago
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Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectivel
Pavel [41]

Answer:

The amount of accounts receivable which is to be reported on the company's budgeted balance sheet for August is $150,000

Explanation:

For computing the account receivable balance for the august month, the following adjustment is required which is shown below:

= August sales × credit sale percentage

where,

August sale is $200,000

And, the credit sale percentage is 75% because 25% is cash sale and the remaining 75% is a credit sale

So,

the accounts receivable would be equals to

= $200,000 × 0.75

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3 years ago
A truck acquired at a cost of $285,000 has an estimated residual value of $14,100, has an estimated useful life of 43,000 miles,
777dan777 [17]

Answer:

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(c) The units-of-activity depreciation for the year =- $24,570

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