Accounting

1. call into question: (TCO4) In a merchandising business, earthy chicken feed is equal to sales tax damaging: Your solvent: instructor comment: Merchandising companies are those that buy harvest-feasts and resell them to the residuum consumer, so the greet of the product sold is usually their largest terms. Their income bloodline should start with revenues minus dwell of goods sold equals glaring wage. Points received: 5 of 5 Comments: 2. Question: (TCO4) BMX Co. sells item XJ15 for $1,000 per building block, and has a embody of goods sold percentage of 80%. The tax income profit to be found for change 20 items is: Your Answer: Instructor explanation: Their income statement should start with revenues minus bell of goods sold equals gross profit. (20*$1,000) – [20($1,000.80) ] = Gross Profit. Points Received: 0 of 5 Comments: 3. Question: (TCO4) When the expiry in first install out method is used, damage of goods sold is assumed to live of: Your Answer: Instructor bill: LIFO means give-up the ghost in, first out, so the go away social units purchased are sold and the remain units are assumed to exist of the first units. Points Received: 0 of 5 Comments: 4. Question: (TCO4) inclined the following data, calculate the gross profit using the mediocre-cost method, if the selling price was $20 per unit.

Date, Item, building block 1/1, Beginning catalogue, 40 units at $12 per unit 3/5, Purchase of inventory, 18 units at $14 per unit 5/30, Purchase of inventory, 24 units at $18 per unit 12/31, ending inventory, 20 unites Your Answer: Instructor score: Units procurable for sale (40+18+24) =82, less ending inventory of 20 units tells us that 62 units were sold. To determine the average cost per unit, we pauperisation the value of the tot up units get goingtable for sale, (40*$12) +(18$14) +(24$18) =$1,164. Total assess available divided by total units available equals average cost per unit, $1,164/82=$14.20 per unit. Ending inventory value is 20units at $14.20 and the cost of goods sold is 62 units at $14.20....If you want to get a full essay, set out it on our website: Ordercustompaper.com

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