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A firm has beginning inventory of 300 units at a cost of 11 each Production during the period was 650 units at 12 each If sales were 700 units what is the cost of goods sold assume FIFO?
Wiki User
∙ 13y ago
a firm has beginning inventory of 300 units at a cost of 11 each. production during the period was 650 units at 12 each. if sales were 700 units what is the cost of goods sold (assume FIFO)
Wiki User
∙ 13y ago
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Cost of good sold?
Cost of goods sold refer to the carrying value of goods sold during a particular period. The beginning inventory + inventory purchases â?? end inventory equals cost of goods sold.
What are the advantages and disadvantages of level production schedules in firms with cyclical sales?
Level production in a cyclical industry has the advantage of allowing for the maintenance of a stable work force and reducing inefficiencies caused by shutting down production during slow periods and accelerating work during crash production periods. A major drawback is that a large stock of inventory may be accumulated during the slow sales periods. This inventory may be expensive to finance, with an associated danger of obsolescence.
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
How do you calculate the ending direct materials inventory?
Beginning Direct Materials Add: Materials purchased during period Less: Materials Used during period Equals: Ending Direct Materials
What is the inventory system in which the inventory records do not show the amount available for sale or sold during the period called?
A periodic inventory system will not show the amount available for sale or sold during the period. A perpetual inventory system will show each purchase in the inventory.
Why do girls have sexual thoughts during puberty?
During puberty, hormone production increases. The hormone testosterone, produced in the testes beginning in puberty, is responsible for sex drive.
What is called the inventory system in which the inventory records do not show the amount available for sale or sold during the period called?
A periodic inventory system will not show the amount available for sale or sold during the period. A perpetual inventory system will show each purchase in the inventory.
How do you calculate closing stock for a shop?
To calculate the closing stock for a shop, you need to consider the beginning inventory, purchases made during the period, and sales made during the period. The closing stock is calculated by adding the beginning inventory and purchases made during the period, and then subtracting the sales made during the period. The remaining balance is the closing stock.
What type of research is conducted during the course of inventory to determine the reason for inventory discrepancies?
conclusive
What type of research is conducted during the course of the inventory to determine the reason for inventory discrepancies?
conclusive
What does a forensic anthropologist NOT do during an inventory of the bones?
A forensic anthropologist does not analyze DNA during an inventory of bones. This process is typically performed by a forensic geneticist.
Inventory system in which the inventory records do not show the amount available for sale or sold during the period called?
The periodic inventory system does not show the available amount for sale during the current period. It also does not show the amount sold during the current period.
