Purchase Solution

Cost of Goods Sold

Not what you're looking for?

Ask Custom Question

Using the following data, compute cost of goods sold:

Inventory, December 31------- $ 45,000
Inventory, January 1--------- 52,000
Cash, December 31----------- 10,000
Purchases during the year-- 255,000
Sales during the year------ 480,000.

Purchase this Solution
Solution Summary

Cost of goods sold is calculated.

Purchase this Solution
Free BrainMass Quizzes
Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.

Know Your Linear Equations

Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.

Multiplying Complex Numbers

This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.

Probability Quiz

Some questions on probability

Graphs and Functions

This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.

View More Free Quizzes
Related BrainMass Solutions

  • Computing Cost of Goods Available and Ending Inventory

    Cost of goods sold=Net sales*(1-Gross margin ratio) Cost of goods sold= $3,600,000*(1-.40) Cost of goods sold=$2,160,000 Cost of goods available for sale=Cost of goods sold + Ending inventory Cost of goods available for sale=$2,160,000

  • What items make up cost of goods sold?

    312393 What items make up cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? How does school organization calculate cost of goods sold?

  • Estimating Inventory Shortgages Using Historical Amounts

    Cost of goods sold (Use average cost of goods sold percentage for 2009 and 2010) B. Ending inventory at March 31 based on historical cost of goods sold percentage. C. Inventory shortage if the inventory balance as of March 31 is $100,000.

  • Cost of goods sold for Lietz Corporation

    The company closes out its manufacturing overhead account to Cost of Goods Sold. Which of the following statements are true.

  • Costs of Goods Sold, Inventory and Insurance Company

    118309 Costs of Goods Sold, Inventory and Insurance Company Discuss: - What items make up cost of goods sold? - Why is calculating the cost of goods sold important? - How does beginning and ending inventory affect cost of goods sold?

  • Financial Statement Effects of Cost Flow Methods

    cost of goods sold for the income statement?

  • Cost of Goods Manufactured and Sold

    Cost of goods sold $751,000 Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Cost of goods sold = $125,000 + $743,000 - $117,000 Cost of goods sold = $751,000 This solution illustrates

  • Cost Flow Methods: FIFO and LIFO

    Question (2) (FIFO or LIFO) produces the highest cost of goods sold, $= (how much) FIFO cost of goods sold = $89,614 LIFO cost of goods sold = $94,000 LIFO produces the highest cost of goods sold by $4,388 ($94,000-$89,614).

  • Cost of goods sold manufactured and sold

    Less: Finished goods Mar 31, Mar, 31 80,000 Cost of goods sold 506,000 Income statement Sales 310000 Less Cost of Goods Sold 506,000 Gross Margin -196,000 The solution calculates the cost of goods sold

  • Estimating ending inventory

    Cost of good sold (Use average cost of goods sold %) b. Ending Inventory at 03/31 based on historical cost of goods sold percentage c.

View More Related Solutions