0
Maria purchased 65000 worth of inventory for cash in dec 2003 the company sold 25000 in dec and 40000 in Jan Calcula how much of the 65000 of merchadise would appear in cost of goods sold on dec 2003?
Wiki User
∙ 15y ago
The formula for calculating Cost of Goods Sold is: Beginning Inventory + Net Purchases + Freight In - Ending Inventory. So...basically, the whole $65,000 would show up in her COGS for December.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What does the term inventory indicate?
The term inventory indicates that a business houses products and services. Inventory can be inefficient because the company is using money to purchase inventory instead of investing it in the company.
Which type of inventory methods used in top ten company?
which type of inventory method used in top ten company?
An airline company is purchased by an electric company This purchase would be considered a merger?
If the electric company purchased the airline company than it is an acquisition by the electric company.
What company purchased provident life?
Unum
In which year was the lending company Ditech purchased from its private owner?
Ditech, a lending company that offers lines of credit and mortgages was purchased from a private owner in 1999.
An aircraft company would have an low inventory turnover?
An aircraft company will incur low inventory turnover if the stock is purchased as bulk and demand is low, thus slow discharge of inventory.
Does an increase in inventory increase or decrease cash flow?
Increase in inventory reduces the cash because by using cash company purchased inventory to be use in resale.
What was the value of the inventory on November 8 after the sale?
A company had inventory on November 1 of 5 units at a cost of $17 each. On November 2, they purchased 12 units at $19 each. On November 6 they purchased 8 units at $22 each. On November 8, 12 units were sold for $52 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A company using a perpetual inventory system that returns goods previously purchased on credit would?
Debit Sales and credit Accounts Payable.
Is the money spent on new purchases considered COGS or is the change in inventory considered COGS?
COGS is calculated by combining the purchases with the change in inventory. Example, At the beginning of the year Company A's inventory was counted and determined to be valued at $100,000. The Company purchased $1,000,000 in goods to sell from the beginning of the year to the end of the year. The inventory was counted and valued again at the end of the year and was valued at $300,000. Cost of good sold would be the combination of purchases ($1,000,000) and change in inventory which be beginning inventory less ending inventory or -$200,000. And COGS would be $800,000.
What does the term inventory indicate?
The term inventory indicates that a business houses products and services. Inventory can be inefficient because the company is using money to purchase inventory instead of investing it in the company.
What is supply chain management inventory?
Maneging the company inventory or stock.
What does one do in inventory management?
An inventory manager keeps track of all the products a company has. Inventory managers can do this job for just one company or a larger group of businesses.
Which type of inventory methods used in top ten company?
which type of inventory method used in top ten company?
Is an inevtory an asset or liability?
Inventory is a current assets of company because by selling the inventory company earns revenue and generate profit
What are the similarities between perpetual and periodic inventory system?
Perpetual: All inventory entries directly affect inventory Periodic: All inventory entries affect other accounts, which are then closed to inventory. Example: A company purchased $100 worth of inventory on account Perpetual: Inventory (Debit) 100 Accounts Payable (Credit) 100 Periodic Purchases (Debit) 100 Accounts Payable (Credit) 100 Later with Periodic (usually at the end of the reporting period) Inventory (Debit) 100 Purchases (Credit) 100 This last entry closes purchases and updates your inventory account.
What is a sentence for inventory?
Example sentence - The clerk was happy to help inventory the goods for the company.
