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[DOC File]Financial Accounting volume 2 questions
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Cost of goods sold 80% How much Gift certificates sold during the year? ... PRC Company began selling a new calculator that carried a two year warranty against defects in 2007. ... In June 2006, Genius discovered that merchandise costing P100,000 had not been included in the inventory in its 2005 financial statements. ...
cost of merchandise sold

[DOC File]INFORMATION SYSTEMS
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18. Each stockout of Product AX sold by Axiom Inc. costs P87,500 per occurrence. The carrying cost per unit of inventory is P250 per year, and the company orders 1,500 units of product 24 times a year at a cost of P5,000 per order. The probability of stockout at various levels of safety stock is
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[DOCX File]FinancialAccounting 2
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Martin purchased 400 units of inventory that cost $4.00 each. At a later date the company purchased an additional 500 units of inventory that cost $5.00 each. Martin sold 700 units of inventory for $7.00. If Martin uses a FIFO cost flow method, the amount of gross margin appearing on …
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[DOC File]ANSWERS TO QUESTIONS
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Since one-half of the freight-in cost ($6,000) pertains to merchandise properly included in inventory as of 12/31/07, $3,000 should be added to the inventory column. ... Cost of good sold Cost of good available $16,200,000 Ending inventory 4,760,000 Cost of goods sold $11,440,000 4. Gross profit Sales $15,420,000 Cost of goods sold 11,440,000 ...
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[DOC File]Subscription Premiums - What s Working and What s Not
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Business Week has tested three basic categories of premiums: merchandise, including a desktop solar calculator, desk clock, and “Office on the Go” (a portable kit containing tape, ruler, and other desk items), books, including The One Minute Manager and In Search of Excellence, and a set of article reprints packaged as the Business Week ...
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[DOC File]Income Tax Preparation for your Mary Kay Business
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Take inventory of all section 1 wholesale merchandise on your shelf as of Dec. 31 $_____ (Use your Consultant Order Sheet to record totals, add up the retail amount, then figure the discount at which you ordered during the year to give you the wholesale amount – 50%) Starter Kit cost if you are a new consultant during the year.
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[DOC File]Chapter 7
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a. Budgeted cost goods sold for July is $420,000 ($400,000 x 1.05) Ending inventory balance $ 32,000 Budgeted cost of goods sold 420,000 Total inventory needed 452,000 Less: Beginning inventory balance (30,000) Budgeted purchases $422,000 b. June’s payables balance paid in July $ 36,000 Cash paid for July purchases ($422,000 x 0.70) 295,400
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[DOC File]UIL ACCOUNTING
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Cost of Merchandise Sold with the amount of the cost of the inventory item sold. 61. Once a business chooses an inventory costing method, the business must use it. consistently unless the business seeks permission for a change from the Internal. Revenue Service and reports how the change will affect the financial statements. 62.
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[DOC File]MULTIPLE CHOICE QUESTIONS
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a. cost of goods sold by the ending inventory. b. cost of goods sold by the beginning inventory. c. cost of goods sold by the average inventory. d. average inventory by cost of goods sold. 88. A company has an average inventory on hand of $40,000 and the average days to sell inventory is 73 days. What is the cost of goods sold? a. $200,000. b ...
cost of merchandise sold

[DOC File]CH5 ACCOUNTING QUIZ
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Cost of Goods Sold 300. Merchandise Inventory 300. Sept. 14 Accounts Payable ($1,400 – $120) 1,280. Cash ($1,280 × .98) 1,254. Merchandise Inventory ($1,280 × .02) 26. Ex. 211. Presented below is information for Pryor Company for the month of March 2011. Cost of goods sold €232,000 Rent expense € 30,000. Freight-out 7,000 Sales ...
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Cost of merchandise sold calculator