FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The cost of goods purchased line on the income statement of a retailer is the equivalent to which line on a manufacturer’s income statement?
a.
Cost of goods sold
b.
Cost of goods available for sale
c.
Cost of goods manufactured
d.
Cost of raw materials purchased
Clear my choice
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- The unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventoryarrow_forwardWhich of the following types of inventory does a manufacturer not include in its Balance Sheet? A. Direct Materials B. Work-in-process C. Finished goods D. Merchandise inventoryarrow_forwardGenerally, the revenue account for a merchandising business is entitled Oa. Gross Sales Ob. Sales Oc. Fees Earned Od. Gross Profitarrow_forward
- in a merchandising business gross profit is equal to the sales revenue minus (a) the sum of cost of goods sold and sales commissions (b) cost of goods sold (c) the sum of cost of goods sold and operating expenses (d) the sum of cost of goods sold, operating expenses and prepaid expensesarrow_forwardWhich of the following items are included when calculating the carrying cost of inventory? (Select all that apply.) ✔ warehousing costs manufacturing costs procurement costs O financing costsarrow_forwardLopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.arrow_forward
- Income from operations for a merchandising company is sales less 1.operating expenses. 2.operating expenses and cost of goods sold. 3.cost of goods sold. 4.non-operating items and cost of goods sold.arrow_forwardHow do you find an inventory report for manufacturers?arrow_forwardSLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Salearrow_forward
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