User Account

All Pages

Supporting cost of goods sold statement

Assignment Help Managerial Accounting
Reference no: EM13878444

The cost accountant for Angie's Apparel has compiled the following information for last month's operations:

Administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,000
Merchandise inventory, July 1 . . . . . . . . . . . . . . . . . . . . . . . 3,000
Merchandise inventory, July 31 . . . . . . . . . . . . . . . . . . . . . . 2,500
Merchandise purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000
Store rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Store utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500
Transportation-in costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000

Required :
Prepare an income statement with a supporting cost of goods sold statement.

Reference no: EM13878444

Questions Cloud

What amount of gain is realized on the sale : Please list all primary authority relied upon in completing (b) and (c): b) Timon decides to sell 5 acres of land for $100,000. The cost basis for the land is $37,500. Timon agrees to sell the property for four equal payments of $25,000 - one now and..
What are the firms interest tax savings : Dharma Supply has earnings before interest and taxes (EBIT) of $568,000, interest expenses of $299,000 and faces a corporate tax rate of 34 percent. a. What is Dharma Supply's Net Income? b. What would Dharmas net income be if it didn’t have any debt..
Preferred stock offers the issuing corporation and investors : Based on their incentives and interests, different stakeholders tend to classify preferred stock differently in terms of risk. From the viewpoint of the issuing corporation, preferred stock is ___________risky than bonds. Preferred stock offers the i..
Why might some managers want price controls : Why might some managers want price controls? Why don't they get together and control prices themselves (if it were legal)?
Supporting cost of goods sold statement : The cost accountant for Angie's Apparel has compiled the following information for last month's operations:
Stock may be described as? : Stock may be described as
Determine price of one year up-output with barrier-strike : You are given that a stock has current value of 34 and has a dividend rate of \delta= 0.02. The risk free rate is 0.05. You are given that the price of a one year call with strike 35 is 2.12. You also know the price of a one year up and input with ba..
The output of a certain rectifier circuit looks like : 4. (TCO 3) The output of a certain rectifier circuit looks like the waveform below. This rectifier is _____. a half wave rectifier    a full wave rectifier   a bridge rectifier           either a bridge or a full wave rectifier
Identify the inferential statistics : Does the article incorporate graphs or tables that facilitate understanding of the data and what descriptive statistics were used in the study? Are the descriptive statistical analyses appropriate for the subject?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Determining relevant per unit cost

Lewis Auto Company manufactures a part for use in its production of automobiles. When 10,000 items are produced, the costs per unit are:

  You have recently hired a new assistant susan thompson who

you have recently hired a new assistant susan thompson who previously worked in a financial accounting office preparing

  Backgroundnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp

backgroundnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp performance drinks llc is owned by dave n. port.nbsp performance

  Discuss-managerial accounting practices

Compares and contrasts management and financial accounting along at least 4 different criteria. Discusses how management accounting could specifically help the CEO control the company's performance.

  College supply company makes three types

College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently applies overhead using a predetermined rate based on direct labor hours.

  Debited all costs incurred to the appropriate account

The Office Mart store in South Beach experienced the following events during the current year:

  Make a quality cost report in good form

Prepare a Quality Cost Report in good form with separate sections for prevention costs, appraisal costs, internal failure costs, and external failure costs.

  Identify and explain the 5 principles of accounting

Identify and explain the 5 principles of accounting and how they apply to the financial statements specific to your healthcare institution.

  Recognize types of responsibility centers

Recognize types of responsibility centers as a cost center, a profit center, a revenue center or an investment center.

  Identify and discuss the strategic factors

What unit selling price should management select for each of the Clean & Bright compounds for the remaining six months of the year to maximise profit?

  What aspects of the decision does the uncertainty refer

Distinguish between decision making under certainty and decision making under uncertainty. To what aspects of the decision does the uncertainty refer? What other possible sources of uncertainty are there in decision making?

  Determining cost of asset

Northeast Logging Co. of $120,000. The seller agreed to allow a 5 percent discount because Northeast paid cash. Determine the amount to be capatilized in an asset account for the purchase of the saw.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd