Cost of goods sold (Periodic System) = Beginning inventory + (Purchases, net of returns and allowances, and purchase discounts) + freight in − Ending inventory .
COGS = Cost of goods sold
COGS = 46200+(401100-13500-11300)+16000-57900
COGS = 380600
The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold. Depending on the nature of your firm, this could also include raw materials, packaging, direct labor involved in making or selling the product, and items bought for resale.
First In First Out (FIFO), Last In First Out (LIFO), and the Average Cost Method are the three techniques that a business might employ when tracking the amount of inventory sold over a given time period.
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Answer:
She owes 4500 because she leased the apartment for 1 year and her yearly total would be 6,000 but since she left after three months the amount she paid was 1,500 and 6,000 - 1,500 is 4,500 that is how much she owes.
Explanation:
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A. The items that fall under the DIRECT MATERIAL category include the following:
1. Film cost for the X ray machine.
2. Electricity cost for the X ray department.
3. Maintenance and repair on the X ray machine.
4. X ray department supplies.
The items that fall under the DIRECT LABOUR category include the following:
1. Salaries of the X ray machine technician.
2. Salary of the X ray technicians' supervisor.
The items that fall under the SERVICE OVERHEAD category include the following:
1. Wages for the hospital janitorial personnel.
2. Property taxes on the hospital building.
3. Depreciation on the hospital building.
4. Depreciation on the X ray department equipment [Manufacturing overhead]
B. The costs that are incurred during the production of a good or service are usually divided into three categories, which are direct material, direct labour and overhead costs.
Direct materials refer to those materials used in the production process which can be traced to a particular unit or department. A good example of a direct material is the raw materials used in the production unit for the production of a particular product.
Direct labour refers to the salaries and wages of those employees that are directly involved in the production process or in carrying out a particular operation. An example of a direct labour for the production of chocolates is the salary of those workers in the production unit.
Overhead cost refers to all other costs that are incurred during the process of production.These costs can not be traced to a specific department per say, but it cover the whole business unit. Overhead cost is of two types: administrative and manufacturing overheads. Examples of overhead costs are rent, utilities, insurance, depreciation, etc.
Answer:
c. IRS rules allow the taxpayer to specify which shares being sold
Explanation:
As eahc method will make the capital gain or loss to differ the Internal Revenue Service leaves to the stockholder to decide the method
The default method is the FIFO method which states the first shares purchased are the first sale but, leaves choise to the stockhodler to use specific identification which, is what the statement correctly points out.
The method are not "required" but allowed as the stockholder see fit.