The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What was the variable overhead efficiency/quantity variance for the month? Group of answer choices
Answers
Answer:
$17,871 U
Explanation:
Note The missing word have been attached as picture below
Variable overhead efficiency variance = (Standard hour - Actual hour) * Standard rate
Variable overhead efficiency variance = (1,480 hours - 2,775 hours) * $13.80
Variable overhead efficiency variance = 1,295 hours * $13.80
Variable overhead efficiency variance = $17,871 U
Related Questions
In order to remain certified, I have to:
Submit a renewal form.
Complete a seller training course every 2 years.
Complete a 30 minute refresher course.
Do nothing, the certificate never expires.
Answers
In order to remain certified, you have to complete a seller training course every 2 years. Option B. This is further explained below.
What is the training course?Generally, the training course is simply defined as several types of training courses, and each one teaches a certain set oaf abilities.
In conclusion, Every two years, you must retake a seller training course to keep your certification current.
Read more about training course
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M Corporation has provided the following data concerning an investment project that it is considering:
Initial investment $230,000
Annual cash flow $132,000 per year
Expected life of the project 4 years
The net present value of the project is closest to:____.
a. $250,000.
b. $144,128.
c. $(131,000).
d. $(144,128).
Answers
Answer: $170,923.60
Explanation:
Missing information is that the discount rate is 12%.
As the cash inflow is constant, this can be termed an annuity. You just need to find the present value of an annuity for 4 years being discounted at 12%.
Present value of Annuity = Annuity * Present value interest factor of Annuity, 12%, 4 periods
= 132,000 * 3.0373
= $400,923.60
Net Present value = Present value of cash inflow - Initial investment
= 400,923.60 - 230,000
= $170,923.60
Options are for variant of question.
Dome Metals has credit sales of $144,000 yearly with credit terms of net 120 days, which is also the average collection period. Assume the firm adopts new credit terms of 5/10, net 120 and all customers pay on the last day of the discount period. Any reduction in accounts receivable will be used to reduce the firm's bank loan which costs 10 percent. The new credit terms will increase sales by 20% because the 5% discount will make the firm's price competitive.
Required:
a. If Dome earns 25 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted?
b. Should the firm offer a discount?
Answers
Answer:
a. The net change in income if the new credit terms are adopted is a net gain of $2,880.
b. Since the discount of 5% will result in a net gain which is $2,880, the firm should offer a discount.
Explanation:
a. If Dome earns 25 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted?
Old sales = $144,000
New Sales = Old sales * (100% + Percentage sales increase) = $144,000 * (100% + 20%) = $172,800
Increase in Sales = New Sales - Old sales = $172,800 - $144,000 = $28,800
Increase in Profit from new sales = Profit Margin * Increase in Sales = 25% * $28,800 = $7,200
Average Accounts Receivable without discount = Average Collection Period * Average daily Sales = 120 * ($144,000 / 360) = $48,000
Average Accounts Receivable with discount = Average Collection Period * Average daily Sales = 10 * ($172,800 / 360) = $4,800
Reduction in Accounts Receivable = Average Accounts Receivable without discount - Average Accounts Receivable with discount = $48,000 - $4,800 = $43,200
Loan balance as a result of reduction in accounts receivable. Therefore, we have:
Interest Saving = Interest Rate * Loan Reduction = 10% * $43,200 = $4,320
Cost of Discount = Discount Rate * New Sales = 5% * $172,800 = $8,640
Net Gain (loss) = Increase in Profit form new sales + Interest Saving - Cost of Discount = $7,200 + $4,320 - $8,640 = $2,880
Therefore, the net change in income if the new credit terms are adopted is an net gain of $2,880.
b. Should the firm offer a discount?
Since the discount of 5% will result in a net gain which is $2,880, the firm should offer a discount.
Suppose I want to open my own restaurant. Currently I am working asa Financial Analyst at a top bank earning $175,000 a year, which I willhave to quit to open a restaurant. I am also going to invest $100,000of my savings which were earning an average annual rate of 6%.Whatis my opportunity cost(implicit cost) of opening the restaurant
Answers
Answer: $181000
Explanation:
Amount earned in a bank = $175000
Money invested = $100000
Interest Rate = 6%
Interest earned will be:
= 6% × $100000
= $6000
Therefore, the total earnings when the individual is working in the bank will be:
= $175000 + $6000
= $181000
Therefore, the pportunity cost of opening the restaurant will be the income that's foregone when working in the bank which is $181000.
You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.25 percent. You will make a down payment of 20 percent of the purchase price. Calculate your monthly payments on this mortgage.
Answers
Answer:
$545.74
Explanation:
The actual mortgage is the purchase price minus the down payment, based on the mortgage amount, the monthly payment can be determined using a financial calculator as shown below:
N=360(number of monthly payments in 30 years=30*12=360)
I/Y=7.25/12(monthly interest rate without the "%" sign)
PV=-80000($100,000-20%*$100,000=$80000)
FV=0(after all required payments , the balance of the mortgage balance would be zero)
CPT
PMT=$545.74
Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Boston Railroad is a measure of railroad operating activity, termed "gross-ton miles," which is the total number of tons multiplied by the miles moved. Transportation Costs Gross-Ton Miles January $1,454,100 323,000 February 1,621,300 361,000 March 1,145,800 234,000 April 1,554,400 350,000 May 1,303,700 281,000 June 1,671,400 380,000 Determine the variable cost per gross-ton mile and the fixed cost. Variable cost (Round to two decimal places.) $fill in the blank 1 per gross-ton mile Total fixed cost $fill in the blank 2
Answers
Answer:
Results are below.
Explanation:
Giving the following information:
Transportation Costs Gross-Ton Miles
January $1,454,100 323,000
February 1,621,300 361,000
March 1,145,800 234,000
April 1,554,400 350,000
May 1,303,700 281,000
June 1,671,400 380,000
To calculate the variable and fixed cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (1,671,400 - 1,145,800) / (380,000 - 234,000)
Variable cost per unit= $3.6
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 1,671,400 - (3.6*380,000)
Fixed costs= $303,400
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 1,145,800 - (3.6*234,000)
Fixed costs= $303,400
If the slope of the budget line changes, there MUST have been a change in the consumer's preferences. an increase in the consumer's income. a change in the price of at least one good. a change in the price of both goods. None of these
Answers
Answer:
you change in the price of at least one good
Stealth Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 29,500 $ 42,000 Inventory 30,000 39,000 Net sales (all credit) 196,000 197,000 Cost of goods sold 124,000 110,000 Total assets 429,000 409,000 Total stockholders' equity 250,000 227,000 Net income 39,500 33,000 Stealth Company's 2021 receivables turnover ratio is:_______.
Answers
Answer:
5.48 times
Explanation:
Calculation to determine what Stealth Company's 2021 receivables turnover ratio is
Using this formula
Receivables turnover ratio= 2021 Net sales/(2021 Accounts receivable+2021 Accounts receivable)/2
Let plug in the formula
Receivables turnover ratio= $196,000($29,500 +$42,000)/2
Receivables turnover ratio= $196,000/($71,500/2)
Receivables turnover ratio= $196,000/$35,750
Receivables turnover ratio= 5.48 times
Therefore Stealth Company's 2021 receivables turnover ratio is 5.48 times
Chad is the founder of a firm producing self-driving vehicles. Because the industry is so new and chaotic, Chad favors a top-down strategic planning approach in which he exerts strong control over all aspects of the business, from product development and design to manufacturing and marketing. What is wrong with this scenario
Answers
Answer:
a. The self-driving vehicle industry is changing too much for the top- down approach to be effective.
Explanation:
The top-down strategic planning approach involves the company goals and their subdivisions. The aim is to gradually move from the top to down in a specific hierarchy. This approach lies on higher authority and in contrast the bottom-up strategy favors decision making that gives complete staff a voice.Dake Corporation's relevant range of activity is 2,200 units to 5,000 units. When it produces and sells 3,600 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.85 Direct labor $ 2.80 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 3.00 Fixed selling expense $ 0.90 Fixed administrative expense $ 0.60 Sales commissions $ 0.70 Variable administrative expense $ 0.60 If 2,600 units are produced, the total amount of direct manufacturing cost incurred is closest to: rev: 12_18_2020_QC_CS-244896 Multiple Choice $28,990 $36,790 $25,090 $30,810
Answers
Answer: $25,090
Explanation:
Direct manufacturing costs are the direct material and direct labor costs tha were incurred to produce the goods in question.
Direct manufacturing costs = (Direct materials per unit + Direct labor per unit) * number of units produced
= (6.85 + 2.80) * 2,600
= 9.65 * 2,600
= $25,090
is solicitation with the promise of reward is the highest level of sexual harassment
Answers
Answer:
false
Explanation:
Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $259,000 and an estimated residual value of $7,400 is expected to have a useful operating life of 85,000 hours. During April, the tractor was operated 200 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.
Answers
Answer:
the depreciation expense is $592
Explanation:
The computation of the depreciation expense is shown below:
= (cost - residual value) ÷ useful operating life × operated in april month
= ($259,000 - $7,400) ÷ 85,000 hours × 200 hours
= $592
Hence, the depreciation expense is $592
The same should be considered and relevant too
a. Performed $8,200 of services on account.
b. Collected $5,600 cash on accounts receivable.
c. Paid $1,450 cash in advance for an insurance policy.
d. Paid $400 on accounts payable.
e. Recorded the adjusting entry to recognize $300 of insurance expense.
f. Received $1,600 cash for services to be performed at a later date.
g. Purchased land for $9,000 cash. Purchased supplies for $350 cash.
Required:
Record each of the above transactions.
Answers
Answer and Explanation:
The journal entries are as follows:
a.
Accounts receivable 8200
To Service revenue 8200
(being services performed on account is recorded)
b. Cash 5600
To Accounts receivable 5600
(Being collections on account is recorded)
c. Prepaid insurance 1450
To Cash 1450
(being cash paid in advance for insurance is recorded)
d. Accounts payable 400
to Cash 400
(Being record payment on account is recorded)
e. Insurance expense 300
To Prepaid insurance 300
(Being insurance expense is recorded)
f. Cash 1600
to Unearned revenue 1600
(Being cash received for services to be performed is recorded)
g. Land 9000
To Cash 9000
(Being land purchased for cash is recorded)
h. Supplies 350
To Cash 350
(being supplies purchased for cash is recorded)
Ruby is considering a college degree. She learned that the total costs (including the tuition, fees, and forgone wages) of a college degree is $120,000. Her annual income with a college degree will be $14,000 higher than a high school graduate. She is planning to work for 15 years after graduation. How does her ROI on college change if she decides to work for 30 years instead of 15 years
Answers
Answer: Increase of 3.2%
Explanation:
Return on Investment (ROI) is the return that Ruby would make over her college degree fees.
It is the internal rate of return that would equate her future earnings to the investment in college fees.
Change in ROI = 11.18% - 7.98
= 3.2%
Increase of 3.2%
Machinery was purchased for $340,000. Freight charges amounted to $14,000 and there was a cost of $40,000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $60,000 salvage value at the end of its 5-year useful life. Annual depreciation expense using the straight-line method will be a. $78,800. b. $57,200. c. $66,800. d. $56,000.
Answers
Answer:
$66,800
Explanation:
Depreciation is used in expensing the cost of an asset
Depreciation reduces the value of an asset
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
Cost = $340,000. + $14,000 + $40,000 = $394,000
($394,000 - $60,000) / 5 = $66,800
Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options [LO19-5, 19-6, 19-7, 19-8] On December 31, 2020, Berclair Inc. had 380 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 96 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $600 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)
Answers
Answer:
Berclair Inc.
Basic earnings per share = $1.87
Diluted earnings per share = $1.70
Explanation:
a) Data and Calculations:
Common Stock Cumulative Preferred Stock
Dec. 31, 2012 Outstanding 380,000,000 4,000,000 shares
Dividend rate 9%
Stock par value $100
Total value of stock $400 million
Annual preferred dividend $36 million ($400 m * 9%)
March 1, 2021 Treasury stock (96,000,000)
July 1, 2021 Stock dividend 14,200,000 (284,000,000 * 5%)
October 1, 2021 Treasury stock 4,000,000
Outstanding shares 302,200,000 4,000,000 shares
Stock options 30,000,000
Total shares and options 332,200,000
Net income for the year = $600,000,000
Preferred stock dividend 36,000,000
Earnings for available for
common stockholders $564,000,000
Basic earnings per share = $1.87 ($564,000,000/302,200,000)
Diluted earnings per share = $1.70 ($564,000,000/332,200,000)
Alpha Industries stock sold for $39 a share at the beginning of the year. During the year, the company paid a dividend of $3 a share and then ended the year with a stock price of $37. The change in the stock price is best described as a:
Answers
Answer: c. capital loss.
Explanation:
A capital loss refers to a scenario where the price of a security falls below the price at which it was purchased. This is what happened to the Alpha Industries stock above as the price dropped from $39 to $37 which led to a capital loss of $2.
The dividends paid seem to outweigh the capital loss but we cannot be certain of this unless we know the tax rate being applied to the dividends and because these are usually high, the after tax dividends might have been lower the capital loss of $2.
Roddie is 30 years old. He was demoted from his job as a manager at Big Trucks, a company with 10,000 employees. He was replaced by Bambi, a 45-year-old. Roddie was told that he was a little too young for management. Under the Age Discrimination in Employment Act (ADEA), what are Roddie's options
Answers
The option available for Roddie would be "Roddie has no options under ADEA."
To understand this, we need to go through the terms of 'Age Discrimination Policy in Employment Act;'
This Act covers the cases of employees or workers aging either 40 or above who have suffered age-based discrimination.The people aging under 40 are not covered under this act and hence, the benefits can not be reaped by them in any situation. This law doesn't allow the process of giving preference to an older employee over the younger to be considered illegal.Hence, Roddie has no available options under ADEA as he is below 40(in fact only 30 years old) and he cannot claim under ADEA for justice.
Learn more about 'Age Discrimination in Employment Act (ADEA)' here: brainly.com/question/7239617
The net income of a company for the year was $500,000. The company has no preferred stock. Common stockholders' equity was $1,200,000 at the beginning of the year and $2,500,000 at the end of the year. Calculate the rate of return on common stockholders' equity.
Answers
Answer:
27.03%
Explanation:
Average common stockholders' equity = (1,200,000+2,500,000) / 2
Average common stockholders' equity = $3,700,000 / 2
Average common stockholders' equity = $1,850,000
Rate of return on common stockholders' equity = Net Income / Average common stockholders' equity
Rate of return on common stockholders' equity = $500,000 / $1,850,000
Rate of return on common stockholders' equity = 0.27027
Rate of return on common stockholders' equity = 27.03%
Harry is a 70-year-old retiree who joined the AARP. To celebrate, he took his daughter to a restaurant and flashed his new AARP card when the check came, earning him a 15 percent discount. What kind of benefit has Harry just used
Answers
Answer: c. material
Explanation:
Material benefits refer to the financial benefits that one gets from being part of a group. They usually refer to group members getting discounts on certain things as well as being charged with a different rate than others.
Henry being in the AARP gets the material benefit of being able to get discounts at many different stores and businesses. It is the country's way of trying to ease the burden of being retired after working for so long.
Jenna is a single taxpayer. During 2018, she earned wages of $110,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,800. How much does Jenna owe to the IRS for taxes
Answers
Answer:
Jenna
The amount of tax that Jenna owes to the IRS for taxes (Tax Liability) for 2018 is:
= $23,520.
Explanation:
a) Data and Calculations:
Earned wages for 2018 = $110,000
Standard deduction = (12,000) for a single taxpayer
Taxable income = 98,000
Capital gains from common stock = $7,800
Capital gains tax rate for a single = 0% (below $40,000)
Taxable income = $98,000
Tax rate (24%) for income over $82,500
Tax liability = $23,520 ($98,000 * 24%)
All of the following will improve a firm's liquidity position except: Answer A)increase long-term debt and invest the money in marketable securities B)increase accounts receivable turnover C)increase inventory turnover D)increase the average collection period
Answers
Answer:
i think answer B is right
but i am not sure
three (3) State taxes and briefly describe each
Answers
Earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes;
Buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes;
Own: property taxes, tangible personal property taxes, estate, and inheritance taxes, and wealth taxes.
Wildhorse Corporation has fixed costs of $301,500. It has a unit selling price of $9.15, unit variable cost of $7.65, and a target net income of $1,545,000. Compute the required sales in units to achieve its target net income.
Answers
Answer:
the required sales in units to attain the target net income is 1,231,000 units
Explanation:
The computation of the required sales in units to attain the target net income is given below:
= (Fixed cost + target net income) ÷ (contribution margin per unit)
= ($301,500 + $1,545,000) ÷ ($9.15 - $7.65)
= 1,231,000 units
Hence, the required sales in units to attain the target net income is 1,231,000 units
Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company’s operations. Standard Custom Direct labor costs $60,000 $103,000 Machine hours 1,400 1,290 Setup hours 96 400 Total estimated overhead costs are $300,000. Overhead cost allocated to the machining activity cost pool is $195,000, and $105,000 is allocated to the machine setup activity cost pool.
1. Compute the overhead rate using the traditional (plantwide) approach. (Round answer to 2 decimal places, e.g. 12.25.)
2. Compute the overhead rates using the activity-based costing approach. (Round answers to 2 decimal places, e.g. 12.25.)
3. Determine the difference in allocation between the two approaches. (Round answers to 0 decimal places, e.g. 1,225.)
Answers
Answer:
Saddle Inc.
1. Overhead rate using the traditional (plantwide) approach is:
= $1.84
2. The overhead rates using activity-based costing approach are:
Machining = $72.49
Machine setup = $211.69
3. The difference in allocation between the two approaches:
Differences:
ABC approach $121,808 $178,188 $299,996
Using plantwide $110,400 $189,520 $299,920
Differences $11,408 -$11,332 $76
Explanation:
a) Data and Calculations:
Total estimated overhead costs = $300,000
Machining activity = $195,000
Machine setup activity = $105,000
Standard Custom Total
Direct labor costs $60,000 $103,000 $163,000
Machine hours 1,400 1,290 2,690
Setup hours 96 400 496
Overhead rate based on direct labor costs = $1.84 ($300,000/163,000)
Overhead rates using activity-based costing approach:
Machining = $72.49 ($195,000/2,690)
Machine setup = $211.69 ($105,000/496)
Allocation of overhead costs:
Standard Custom Total
Using plantwide $110,400 $189,520 $299,920
Using ABC:
Machining $101,486 $93,512 $194,998
Machine setup 20,322 84,676 104,998
Total costs $121,808 $178,188 $299,996
Differences:
ABC approach $121,808 $178,188 $299,996
Using plantwide $110,400 $189,520 $299,920
Differences $11,408 -$11,332 $76
The following data come from the financial records of Campbell Corporation for Year 3: Sales $ 840,000 Interest expense 5,000 Income tax expense 25,500 Net income 25,500 Required How many times was interest earned in Year 3
Answers
Answer:
the times was interest earned in Year 3 is 11.2 times
Explanation:
The computation of the times interest earned ratio is given below:
The times interest earned ratio is
= (Net income+ Income tax expense+ Interest expense) ÷ Interest expense
= ($25,500 + $25,500 + $5,000) ÷ $5,000
= 11.2 times
Hence, the times was interest earned in Year 3 is 11.2 times
The same is to be relevant
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 in cash and giving a short-term note for $278,000. Legal fees paid were $2,220, delinquent taxes assumed were $15,700, and fees paid to remove an old building from the land were $20,800. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Answers
Answer:
the cost of the land that should be reported on the balance sheet is $343,120
Explanation:
The calculation of the cost of the land that should be reported on the balance sheet is given below:
= cash payment + Short term note payable + legal fees paid + delinquent taxes + fees paid for removing out the old building - salvage value
= $31,000 + $278,000 + $2,220 + $15,700 + $20,800 - $4,600
= $343,120
hence, the cost of the land that should be reported on the balance sheet is $343,120
The Northern Division of Southwest Clothing Inc. forecasts (has budgeted) the following income statement for the upcoming year: Sales $850,000 Variable Costs (520,000) Contribution Margin 330,000 Fixed Costs (480,000) Operating loss ($150,000) Unfortunately, every other division in the company is also expecting an operating loss for the coming year. The company's management is considering shutting down the Northern Division and has determined that $350,000 of the $480,000 Fixed Costs shown would be eliminated if that happens. If the Northern Division is shutdown, what is the change (impact) in Southwest's forecast operating results
Answers
Answer:
Operating loss will decrease by $20,000
Explanation:
Operating loss from normal business activities and if the division is not shut down = $150,000.
Operating loss if division is shut down by the management = $130,000 ($480,000 - $350,000) because the management has determined that $350,000 of the $480,000 Fixed Costs shown would be eliminated if that happens.
So, if the Northern Division is shutdown, the Operating loss will decrease by $20,000 (From $150,000 to $130,000)
Calculating Weighted Average Cost of Capital and Economic Value Added (EVA)
Ignacio, Inc., had after-tax operating income last year of $1,196,500. Three sources of financing were used by the company: $2 million of mortgage bonds paying 4 percent interest, $4 million of unsecured bonds paying 6 percent interest, and $9 million in common stock, which was considered to be relatively risky (with a risk premium of 8 percent). The rate on long-term treasuries is 4 percent. Ignacio, Inc., pays a marginal tax rate of 30 percent.
Required:
Calculate the after-tax cost of each method of financing. Enter your answers as decimal values rounded to three places. For example, 4.36% would be entered as ".044".
Mortgage bonds __________
Unsecured bonds __________
Common stock __________
Answers
Answer:
Mortgage bonds after-tax cost:
= Interest rate * (1 - tax rate)
= 4% * ( 1 - 30%)
= 4% * 70%
= 2.8%
Unsecured bonds after-tax cost:
= 6% * (1 - 30%)
= 6% * 70%
= 4.2%
Common stock:
= Long term treasury rate + risk premium
= 4% + 8%
= 12%
Oriole Company sold goods with a total selling price of $809,600 during the year. It purchased goods for $393,200 and had beginning inventory of $68,400. A count of its ending inventory determined that goods on hand was $51,200. What was its cost of goods sold
Answers
Answer:
$410,400
Explanation:
Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Cost of goods sold = $68,400 + $393,200 - $51,200
Cost of goods sold = $410,400
So, its amount of cost of goods sold is $410,400.
