What would be the expected cost of goods sold for next month

Assignment Help Accounting Basics
Reference no: EM13136789

Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase. The beginning inventory of merchandise is $50,000, and an ending inventory of $60,000 is desired. Beginning accounts payable is $44,000. What would be the expected cost of goods sold for next month?

Reference no: EM13136789

Questions Cloud

Straight-line depreciation for a capital project : Phyllis believes that the firm should use straight-line depreciation for a capital project because it results in higher net income during the early years of the project's life.
What will be the ending accounts payable balance : Tidbit Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Calculate the energy in joules : Calculate the energy in joules and calories required to heat 40.0 silver (Ag) from 112 C to 270 C
What is the distribution of mean composite act score : A random sample of 100 entering freshmen is selected. What is the distribution of the mean composite ACT score, for the University?
What would be the expected cost of goods sold for next month : Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
What mass of pbcl2 is formed : What mass of PbCl2 is formed from mixing 0.334 L of 0.112 molar NaCl with 2.12 L of 0.0343 molar Pb(NO3)2?
Payments after initial payment : Give the necessary entries for 2011 assuming all payments after the initial payment are made on December 31.
What are partial pressure of co2 (g) : For the equation: C (s) + CO2 (g) -> 2CO (g); the value of Kp is 167.5 at 1000 oC. If a 5.00 L container initially contains 2.99 atm pressure of CO2 (g) at 1000 oC, what are partial pressure of CO2 (g) and CO (g) at equilibrium?
Describe the accounting rules and regulations : Describe the accounting rules and regulations you would introduce to ensure that these types of accounting irregularities do not occur in the future.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Determining direct write off method

Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:

  Amortization deduction for the year of purchase

Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.

  Business structure formation and status

Review the IRS website (www.irs.gov), and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents?

  Compute a materials price variance for the plates

Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.

  Revenue principle statement

The revenue principle states that revenue shall be recognized at a point when

  Indicate the source of the data for crediting work

Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.

  Concepts of present value and payback method

Define the concepts of present value, payback method, internal rate of return, or net present value and elaborate on your interpretation of their value as assessment tools for an accountant or operator (include an example).

  Computation of payroll and related tax expense

An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..

  What is the budgeted dollar amount of merchandise purchases

What is the budgeted dollar amount of merchandise purchases for November?

  Explain include authority and reasoning

Explain the problem with authority and resoning

  Fixed costs amount

XYZ Company's sales are $750,000 with operating profits of $130,000. If the contribution margin ratio is 40%, what did the fixed costs amount to?

  Retirement of bonds

Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2010 balance sheet of Wolfe Co. included the following items:

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