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Alex787 [66]
3 years ago
12

Liberty is calculating her cost of goods sold to enter on her Schedule C. Her inventory at the beginning of the year amounted to

$50,000. Her cost for labor and materials was $20,000. She had no other costs. Her inventory at the end of the year totaled $58,000. What amount for cost of goods sold will Liberty enter on her Schedule C
Business
1 answer:
MakcuM [25]3 years ago
5 0

Answer:cost of goods sold for  Liberty to enter on her Schedule C = $12,000

Explanation:

 Cost of goods sold (COGS) of a company are all the  costs ie( the raw materials and labor ) involved directly in the production of the particular  goods sold by the company.

Given

Beginning Inventory = $50,000

Purchases regarding Labour and materials= $20,000

Ending inventory = $58,000

Cost of Goods Sold is calculated as Beginning Inventory + Purchases During the Period – Ending Inventory

$50,000 + $20,000 - $58,000

$70,000 - $58,000

$12,000

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4 0
3 years ago
Which is true among the following statements on visualization?
Mila [183]

Answer:

d. All people respond better to visual information than text.

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5 0
3 years ago
Within a PPF framework, explain each of the following:_______.
ra1l [238]

<u>Explanation:</u>

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3 0
2 years ago
The Fantastic Ice Cream Shoppe sold 8,800 servings of ice cream during June for Dollar 5 per serving. The shop purchases the ice
Anuta_ua [19.1K]

Answer:

The Fantastic Ice Cream Shoppe

a) Fantastic Ice Cream Shoppe

June Income Statement, using traditional format

Sales Revenue         $44,000

Cost of goods sold       5,720

Gross profit              $38,280

Expenses:

Rent expense             2,050

Depreciation exp.          220

Other operating exp. 2,800

Total expenses        $5,070

Net Income             $33,210

b) Fantastic Ice Cream Shoppe

June Income Statement, using contribution margin format

Sales Revenue                   $44,000

Direct materials      5,720

Operating expense  700

Total variable expense         6,420

Contribution margin         $37,580

Fixed expenses:

Rent expense             2,050

Depreciation exp.          220

Other operating exp.  2,100

Total expenses                  $4,370

Net income                      $33,210

Explanation:

a) Data and Calculations:

Sales of ice cream during June = 8,800 servings

Price per serving = $5

Sales revenue = $44,000 ($5 * 8,800)

Purchase cost of ice cream in large tubs = $14 * 8,800/28 = $4,400

Purchase cost of ice cream cones = $0.15 * 8,800 = $1,320

Total cost of direct materials = $5,720

Fixed costs:

Rent = $2,050 per month

Depreciation = $220

Other operating expenses:

Fixed operating expense = $2,100 ($2,800 * 75%)

Variable operating expense = $700 ($2,800 * 25%)

3 0
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