What is the amount of cost of goods sold

Assignment Help Financial Accounting
Reference no: EM13751852

A company has net sales of $1,842,000, sales commissions of $195,000, net income of $367,400, and the gross profit ratio of 65%. What is the amount of cost of goods sold?

Reference no: EM13751852

Questions Cloud

Activity affect the contribution margin and the net profit : Explain how changes in activity affect the contribution margin and the net profit. Be sure to discuss both sales activity changes and production activity changes. Use the Contribution Income statement format as a framework for your discussion.
Proposal addressing each of the stakeholder concerns : Write a two to three page proposal addressing each of the stakeholder concerns. Use the technologies below for the areas of concern
Journalize the entries to record the transactions : Heavenly Sounds Corp., an electric guitar retailer, was organized by Mickey Blessing, John Frey, and Nancy Stein. The charter authorized 750,000 shares of common stock with a par $20. the following transactions affecting stockholders equity were comp..
Discuss how you adopt one of characteristics in life : Discuss how you could adopt one of these characteristics in your role at work or in your personal life.
What is the amount of cost of goods sold : A company has net sales of $1,842,000, sales commissions of $195,000, net income of $367,400, and the gross profit ratio of 65%. What is the amount of cost of goods sold?
How many trees must be sold annually to break even : Dickens Co. sells three styles of Christmas trees - past, present and future. Fixed costs total 3,900 per year. The following information is available:
Fundraiser to benefit various environmental causes : Thoreau co. is planning a fundraiser to benefit various environmental causes. all proceeds in excess of costs will be donated to these causes. the planning committee has developed the following budget for the event: ballroom rental: 1900 entertainmen..
Modify the program by creating a separate class : Modify the program by creating a separate class called ProcessShipping to calculate the shipping charge for each package
Determine the new degree of operating leverage : Olympia Company’s variable expenses are 60% of sales. At a $600,000 sales level, the degree of operating leverage is 4. The company's chief executive officer has decided to purchase and install a new automated assembly line that will increase the com..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a condensed income statement

Preparation of condensed income statement by valuation of inventories with LIFO and FIFO method and Prepare a condensed income statement for the year on both bases for comparative purposes.

  Are members of management ethically bound

Are members of Management ethically bound to perform unethically? I

  Prepare all necessary journal entries for roley

Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received credit of $6,000. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.

  Write journal entry to show the effect of sale

Write the journal entry to show the effect of the sale of the season tickets and Write the journal entry to show the effect of presenting an event.

  Journal entries for both the lessee and the lessor

Identify the type of lease involved for the lessee and the lessor, and give reasons for your classifications and prepare all the journal entries for both the lessee and the lessor for 2007 and 2008.

  What is the minimum number of six year cycles

The recerti cation will cost $150.00 per pump and appears as part of the sunk cost in year zero if the pumps are changed. What is the minimum number of 6 year cycles that the process must operate in order for the pump savings to cover the cost of re-..

  Determine the effective annual interest rate

Determine the effective annual interest rate on this loan, and determine the nominal annual rate assuming semiannual compounding. You may find the following form helpful.

  Analyses of the existing year operating expenses account

Analyses of the existing year Operating Expenses account

  Prepare an income statement for the year 2012

When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable).

  Calculate the total cost for each purchase date

Calculate the total cost for each purchase date and calculate the ending inventory using FIFO, LIFO, and Average Cost methods.

  Compute a new break-even point in units

Using the original data in the problem, compute a new break-even point in units if the unit sales price is increased 20%, unit variable cost is increased by 10%, and total fixed costs are increased by $135,000.

  Determine the amount of cash paid for merchandise

Determine the amount of cash received from customers and determine the amount of cash paid for merchandise

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!

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