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balu736 [363]
3 years ago
9

Cost of goods manufactured for Branson Books for the year was $860,000. Beginning work-in-process inventory was $40,000. Ending

work-in-process was $60,000. If the beginning finished goods inventory was $400,000 and the ending finished goods inventory was $990,000.
Required:
What was the cost of goods sold for the year?
Business
1 answer:
Crank3 years ago
5 0

Answer:

Cost of goods sold = $270,000

Explanation:

Given:

Cost of goods manufactured = $860,000

Beginning work-in-process = $40,000

Ending work-in-process = $60,000

Beginning finished goods = $400,000

Ending finished goods inventory = $990,000

Computation:

Cost of goods sold = Cost of goods manufactured + Beginning finished goods - Ending finished goods inventory

Cost of goods sold = $860,000 + $400,000 - $990,000

Cost of goods sold = $270,000

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<u>Current Ratio</u>

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                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

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<u>Working Capital</u>  

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                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 – $200,000                   $245,000  – $155,000

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($300,000 – $110,000) ÷ $200,000     ($245,000 – $90,000) ÷ $155,000

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<u>Accounts Receivables Turnover Times</u>  

Accounts Receivables Turnover = Credit Sales ÷ Average Accounts Receivables

Average Accounts Receivables = (Opening Accounts Receivables + Closing Accounts Receivables) ÷ 2

Average Accounts Receivables = ($55,000 + $95,000) ÷ 2 = $75,000

Accounts Receivables Turnover = $750,000  ÷ $75,000 = 10 Times

<u>Inventory Turnover Times</u>

Inventory Turnover = Cost of Goods Sold ÷ Average Inventory

Average Inventory = (Opening Inventory + Closing Inventory)  ÷ 2

Average Inventory =  ($110,000 + $90,000)  ÷ 2 = $100,000

Inventory Turnover =  $400,000  ÷ $100,000 = 4 Times

 

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