Answer:
390,000
Explanation:
The cost of goods sold is the expense incurred in producing goods to be sold in a period. It is abbreviated as COGS.
The cost of goods sold is calculated using the formula
COGS = opening stock + purchase/ cost of goods manufactured - ending stock
In this case:
Beginning stock = $60,000
Ending stock =$50,000
Cost of goods manufactured $380,000
COGS= $60,000 + $380,000- $50,000
COGS = $390,000
<span>Because the initial delivery was made on August 1st and the original agreement was for the delivery to be no later than August 15th, that gives the lessee exactly 14 days to correct the problem and make good on the contract.</span>
Which of the following types of business environment is MOST typical of the Commonwealth Caribbean area?
a) Corporate state
b) Mixed economy
c) Centrally planned
d) Perfectly competitive
Answer is b) Mixed economy
Answer:
a. An audit adjustment is needed since the best case scenario, where the net realizable value is highest would result in $92,000 - $5,000 = $87,000.
b. the value of inventory must decerase by $99,000 - $87,000 = $12,000, so COGS must increase by that amount:
Dr Cost of goods sold 12,000
Cr Merchandise inventory 12,000
