Challenge Tennis & Recreation’s operating activities for the year are listed below. Purchases $174 comma 500…
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Question “Challenge Tennis & Recreation’s operating activities for the year are listed below. Purchases $174 comma 500…”
Challenge Tennis & Recreation’s operating activities for
the year are listed below.
Purchases | $174 comma 500174,500 |
Operating expenses | 62 comma 70062,700 |
Beginning inventory | 27 comma 80027,800 |
Ending inventory | 37 comma 40037,400 |
Sales revenue | 333 comma 500333,500 |
What is the cost of goods sold for the year?
Answer
1 | ||
Beginning inventory | 27800 | |
Add: Purchases | 174500 | |
Less: Ending inventory | -37400 | |
The cost of goods sold in the year | 164900 | |
2 | ||
Beginning inventory | 1000500 | |
Add: Purchases | 750700 | |
Less: Ending inventory | -350300 | |
The cost of goods sold in the year | 1400900 | |
Option A $1.400,900 is the correct | ||
3 | ||
Beginning inventory | 27800 | |
Add: Purchases | 174500 | |
Less: Ending inventory | -37400 | |
The cost of goods sold in the year | 164900 | |
Option C $164,000.00 is the correct | ||
4 | ||
Start the work | 0 | |
Add: Current manufacturing costs | 427700 | =110200+132000+185500 |
Total manufacturing cost to account for | 427700 | |
Option C $427,000. This is the correct | ||
5 | ||
Finished goods inventory,beginning | 0 | |
Manufacturing costs | 455200 | |
Less: Finished goods inventory,ending | -90400 | |
Cost of goods sold | 364800 | |
Option A $364,800 is correct | ||
6 | ||
Beginning inventory | 33100 | |
Add: Purchases | 92700 | |
Less: Ending inventory | -35500 | |
Cost of goods sold | 90300 | |
Option A $90,300 is correct | ||
7 | ||
Starter raw materials inventory | 220 | |
Additional: Purchases of Direct Materials | 500 | |
We have less: Ending raw material inventory | -200 | |
Cost of direct materials used | 520 | |
Option C $520 is correct |
Conclusion
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