🎁BACK-TO-SCHOOL DEAL. Subscribe Now to get 40% OFF at only 8.49 USD/month, only valid until Sep 30th, 2024

Question

Question
Question 10 / 11 You know these facts about a company's prior calendar year: • Beginning inventory: 100 units at $10 each • Ending inventory: 50 units at $9 each • Inventory purchased for resale during the year: $2,000 What can you calculate using this information? Select all that apply. Gross sales Net profit Contribution margin Cost of goods sold None of the above

Asked By DreamyNights91 at

Answered By Expert

Teddy

Expert · 4.8k answers · 4k people helped

Sign in to see the answer

Step 1/1

From the given information, cost of goods sold can be computed using the formula:

Explanation:

`"cost of goods sold = beginning inventory + inventory purchased - ending inventory"`

Final Answer

Since sales revenue is not given, therefore, we can not compute gross profit, net profit and contribution margin.

Therefore, the cost of goods sold can be computed as explained in Step 1

The correct option is "cost of goods sold"

🧑‍🏫 More Questions

<p>A nation can achieve higher economic growth if:</p> <table> <tbody> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p>it devotes more resources to research and development.</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p>the productivity of labor declines</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p>taxes are imposed on investment in capital.</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td> <p>more resources are allocated to consumption goods.</p> </td> </tr> </tbody> </table>

<p>Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 20,000 Selling price per unit $ 30 Variable selling expense per unit $ 4 Variable administrative expense per unit $ 2 Total fixed selling expense $ 40,000 Total fixed administrative expense $ 30,000 Beginning merchandise inventory $ 24,000 Ending merchandise inventory $ 44,000 Merchandise purchases $ 180,000 Required</p> <p>1)&nbsp; Prepare a traditional income statement.</p> <p>&nbsp;</p> <table cellpadding="0" cellspacing="0" style="width:620px;"> <tbody> <tr> <td style="vertical-align:middle;">2 )Prepare a contribution format income statement.</td> </tr> </tbody> </table> <p>&nbsp;</p>

Answer the questions with words recursion or mutual recursion. (Copy and paste, no excuse for misspelling) 1. Function A calls function A. This is called: 2. Function A calls function B, then B calls A. This is called:

34 Which of the following can digest an enzyme? Proteases O Kinases o Lipases e Endonucleases 35 Genetic information describing the characteristics of an organism is found in which of the f ollowing O Cilia Nuclei Membranes e Ribosomes

Decide whether these proposed Lewis structures are reasonable Is the proposed Lewis structure reasonable? proposed Lewis structure Yes. No, it has the wrong number of valence electrons. The correct number is Н— Br No, it has the right number of valence electrons but doesn't satisfy the octet rule The symbols of the problem atoms are: Yes No, it has the wrong number of valence electrons. The correct number is:U No, it has the right number of valence electrons but doesn't satisfy the octet rule The symbols of the problem atoms are:* Yes. No, it has the wrong number of valence electrons The correct number is: Н No, it has the right number of valence electrons but doesn't satisfy the octet rule The symbols of the problem atoms are:* * If two or more atoms of the same element don't satisfy the octet rule, just enter the chemical symbol as many times as necessary. For example, if two oxygen atoms don't satisfy the octet rule, enter "0,0" X O O :