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Home/ Questions/Supply the missing dollar amounts for each of the following independent cases. Cases Sales Revenue...
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Asked: April 13, 20222022-04-13T12:57:32+00:00 2022-04-13T12:57:32+00:00In: finance

Supply the missing dollar amounts for each of the following independent cases. Cases Sales Revenue…

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Supply the missing dollar amounts for each of the following independent cases.

Cases Sales Revenue Beginning Inventory Purchases Cost of Goods Available for Sale Cost of Goods Sold Cost of Ending Inventory Gross Profit
A $1,150 $550 $1,250 $1,800 $840 $960
B 1,350 650 1,250 1,900 640
C 550 650 750 850
D 1,340 1,050 1,100 700
E 1,450 500 1,350 1,850 1,040
♦ Relevant knowledge

The word “cost” means it’s the cost of the merchandise that are sold over a certain amount of time. It is comprised of direct raw materials, direct labor, in manufacturing, and overhead. In other words, these are the costs required to make the product. The fundamental formulas used in Cost accounting include:

  • The Total Available is the Beginning inventory plus Purchases
  • The end of inventory = the total available Cost of the goods sold
  • The Gross Profit is the Sales Revenue + The Cost of Goods sold
  • Operating Income = Gross Profit minus General and Selling expenses

dollarindependentsupply
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    Richard Morton
    2022-04-13T12:57:35+00:00Added an answer on April 13, 2022 at 12:57 pm

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