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What else can I help you with?
To adjust a companys LIFO cost of goods sold to FIFO cost of goods sold?
a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold.
Why are some goods sold below their cost price?
Some goods are sold below their cost price because the government believe that the good is essential, for example, prescriptions from doctors, we need these so the government have a set price of £9 no matter what the prescription is.
How do you calculate the variable costs of making tea in a restaurant?
A variable cost is the cost dependent upon how much is being sold. In order to determine this cost it is necessary to know what is being sold and how much is needed to be sold to make a profit. Take the cost of the tea and what is needed to make the tea, cost of shipping items to store, and cost of employee wages. This will give you a total for the variable cost. Then you divide the total variable cost by the production volume.
What is total revenue?
quantity sold x cost of product
How does a tax on a good affect the price paid by buyers the price received by sellers and the quantity sold?
Quantitiy is not a factor, as the buyer will pass along the increased cost due to the tax.
What is the difference between cost of good sold and cost of good sold statement?
Cost of goods sold is the total cost incurred for goods manufacturing while cost of goods sold statement is the document which shows the calculation of cost of goods sold.
Formula for cost of goods sold?
Beginning Inventory + Purchases - Cost of Good Sold = Ending Inventory
How do you calculate total gross profit?
Sale or Revenue for the period -less cost of good sold=gross profit cost of good sold is the cost incurred in generating the revenue
In the trial balance can you put the cost of good sold inside?
yea
Cost of goods sold in cost accounting?
Cost of goods sold.
What is the difference between cost of sales and cost of goods sold?
There is no difference between the cost of goods sold and cost of sales. Both are same.What if Cost of Sales relates to a service rather than a "good"? Does that not signify a difference? For example a cost of sales for a service would contain no starting and finishing inventory component as is described in some texts as a way of calculating cost of goods sold.
What is the adjusting entry to decrease inventory?
credit inventory, debit cost of good sold.
Which inventory method assigns the most recent costs to the cost of the good sold?
LIFO
What account is used to record the cost of inventory sold?
Cost of goods sold ( ? )
Which inventory costing method assigns the most recent costs to the cost of good sold?
LIFO (Last in First Out) method is the method which charge the most recent prices to cost of goods manufactured and sold statement.
What is the inventory method that assigns the most recent costs to cost of good sold?
LIFO - Last In First Out
To adjust a companys LIFO cost of goods sold to FIFO cost of goods sold?
a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold.
