Based on the financial data for Haines Corporation in 20X1 and 20X2, the ratios given of cost of goods sold and selling and administrative expenses are:
20X1 20X2
Cost of goods sold to sales 72.70% 71.97%Selling and administrative expense to sales 7.33% 8.31% Interest expense to sales 1.29% 1.58%How to calculate ratios to sales?20X1
To find the Cost of goods sold to sales, the formula is:
= Cost of goods sold to sales / Sales
= 2,530,000 / 3,480,000
= 72.70%
The Selling and administrative expense to sales:
= 255,000 / 3,480,000
= 7.33%
Interest expense to sales:
= 44,800 / 3,480,000
= 1.29%
20X2:
Cost of goods sold to sales:
= 2,260,000 / 3,140,000
= 71.97%
The Selling and administrative expense to sales:
= 261,000 / 3,140,000
= 8.31%
Interest expense to sales:
= 49,700 / 3,140,000
= 1.58%
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Robyn was a lawyer for the Department of State who has been disbarred for ethical lapses including dishonesty and interfering with investigations.
After losing his license to practice law, he was fired from the State Department. What MOST likely must Robyn do now?
A. Appeal his case to the American Bar Association.
B. Find a new career outside the legal profession.
C. Wait a year and reapply for his license.
D. Take his case to an appeals court.
The most likely thing for Robyn to do is B. Find a new career outside the legal profession.
Why does Robyn need to leave the legal profession ?Since he has lost his license to practice law, he would not be able to continue working as a lawyer or in any other legal capacity. In addition, his firing from the State Department would likely make it difficult for him to find employment in a related government agency.
Therefore, the most realistic option for Robyn would be to seek employment in a different field or industry. Appealing his case to the American Bar Association or taking his case to an appeals court would likely not be fruitful options, as his disbarment and firing from the State Department suggest that his ethical lapses were significant and serious.
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You own a fixed-income asset with a duration of four years. If the level of interest rates, which is currently 8.1%, goes down by 20 basis points, how much do you expect the price of the asset to go up (in percentage terms)
Answer: 0.74%
Explanation:
Change in price of a fixed-income asset is inversely related to a change in it's interest rates.
The price change is therefore formulated by;
Δ Price of Asset = -Δ * Δy
Δ = 4 years / ( 1 + i)
= 4 / ( 1 + 8.1%)
= 3.7
A basis points refers to 0.01%. So 20 basis points 0.2%.
Δ Price of Asset = -3.7 * -0.2%
= 0.0074
= 0.74%
Price of Asset increases by 0.75%
why is it important to examine demand relationship
Answer:
The demand relationship, is I am correct in my assumption that this is a reference to a marketing course, is of utmost importance. A company will not implement a new product if there is no customers.
Explanation:
Demand refers to the amount fo demand seen from possible custoemrs. The higher the demand, the more the people with to purchse a product.
A database program would probably be used to
Answer:
The application scope of the database is very wide, such as the student information management system, course selection system, as well as the telecommunications department payment system, statistical system, and online game account management, etc., can be said that the current software, especially the network application software, is to use the database
Answer:
A database program would probably be used to track purchases on a commercial website.
Explanation:
A database is the heart of a business information system and provides file creation, data entry, query and reporting functions.
Information for Hobson Corp. for the current year ($ in millions): Income from continuing operations before tax $ 380 Loss on discontinued operation (pretax) 92 Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income 85 Depreciation deducted on tax return in excess of depreciation expense 175 Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 20 The applicable enacted tax rate for all periods is 25%. How should Hobson report tax on the discontinued operation
Answer:
$188
Explanation:
Income from continuing operations before tax $380
Less: Income Tax Expenses $100 [($380+$20)/25%]
Income from continuing operations $280
Less: Loss on discontinued operation (pretax) $92
Income from discontinued operations $188
How could a manager learn what is right and wrong?
Answer:
by leading the members of his department.and by giving instructions.
Sonor Systems undertakes its own machine maintenance. The depreciation on the equipment is $20,000 per year and operating cost is $2 per machine hour. Last year 275,000 machine hours were used to produce 100,000 units. If 300,000 machine hours had been worked last year, what would be the total machine maintenance cost
Answer:
$570,000
Explanation:
Total machine maintenance cost calculation.
Depreciation expenses $20,000
Operating cost
($275,000 MH × $2). $550,000
Total machine machine maintenance cost $570,000
Therefore, the total machine maintenance cost of the machine is $570,000
Name some of the faculties of Nepal Sanskrit University?
Explanation:
Agricultural Engineering
Answer:
Veda, Philosophy, astronomy, yoga, homeopathy, naturopathy, history, Buddha Darshan etc
Imagine you are planning how to set up your new business office. What types of technology and equipment might be needed? Why might it be important for an entrepreneur to know the terms listed below? Briefly define each and explain the importance for a small business owner:
Hypertext
URL (or link)
Internet Service Provider
Bulletin Board Service
Electronic Storefront
Newsgroups
Flames
The types of technology and equipment needed in a commercial office can be cybersecurity software as well as customer relationship management (CRM) systems that assist in collecting, analyzing and organizing the information of your customer base.
It is essential for an entrepreneur to understand some terms related to information technology to generate greater compliance, security and reliability in organizational processes.
HypertextIt corresponds to non-sequential and non-linear electronic writing, which is added to other information such as words, blocks of texts, images or sounds.
URL (or link)Its acronym stands for Uniform Resource Locator, which corresponds to the address of a resource available on a given network.
Internet Service ProviderIt is a commercial or non-profit entity that offers internet access and use services.
Bulletin Board ServiceIt is a software that allows the connection via telephone of a computer system for interaction, as well as the internet.
Electronic StorefrontCorresponds to the hosting of e-commerce sites, that is, sites used to advertise and sell products and services, managing online transactions.
NewsgroupsForums in which it is possible to share opinions on different subjects, with people who share the same interests.
FlamesIt is a type of modular malware that attacks computers and can spread to other systems through LAN and USB memories, generating data and documents steals.
Therefore, it is essential that every entrepreneur understands basic principles of automation to achieve greater security, availability of information and speed in their processes.
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How can you make positive economic choices?
Answer:
All choices require giving up something in your life whether that is friends or family, or things that you really want. Economic choices require you to think do you really want this and what is the benifit out of it, like what do you get out of making this decision. The economic things are what will be produced, how will it be produced, and how will the output society produces be distributed
Explanation:
Which of the following is not part of the capital budgeting process?
O A. identify and analyze potential capital investments
O B. perform post-audits
O C. apply capital rationing
O D. develop short-term operating strategies
Answer: D. develop short-term operating strategies
Explanation:
Capital budgeting simply refers to the process that is used by a business in order to determine the fixed asset purchases that is proposed which it should accept, or not. It's typically done in order to select the investment that's most profitable for a company.
Some of the capital budgeting processes include:
• Identification and analysis of potential capital investments.
• Application of capital rationing
• Performing post-audits
It should be noted that developing short-term operating strategies is not part of the capital budgeting process. Therefore, the correct option is D.
Basics Ltd reported current liabilities of R3 000 and a quick ratio of 1,2. The company has current assets of R6 000. If the company reports the cost of goods sold at R4 000 for the given year, what is the inventory turnover?
The inventory turnover for the given year is 3.33, calculated by dividing the cost of goods sold by the average inventory of R1200.
To calculate the inventory turnover, we first need to determine the inventory value. We can use the quick ratio formula to find the inventory amount.Quick ratio = (Current assets - Inventory) / Current liabilitiesRearranging the formula, we have: Inventory = Current assets - Quick ratio * Current liabilitiesSubstituting the given values, we have:Inventory = R6000 - 1.2 * R3000Inventory = R6000 - R3600Inventory = R2400The inventory value is R2400. To calculate the inventory turnover, we divide the cost of goods sold by the average inventory. In this case, the cost of goods sold is given as R4000. The average inventory is the sum of the beginning and ending inventory divided by 2. Since we don't have information about the beginning and ending inventory, we can assume they are equal, resulting in an average inventory of R2400/2 = R1200.Inventory turnover = Cost of goods sold / Average inventoryInventory turnover = R4000 / R1200Inventory turnover = 3.33Therefore, the inventory turnover for the given year is 3.33.For more questions on inventory
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You would like to start a cellular telephone equipment service business. You are considering organizing the business as a sole proprietorship. Identify the advantages and disadvantages of owning a sole proprietorship. Three advantages of owning a sole proprietorship 1. Unification of ownership and management. 2. Easy to organize. 3. No continuous life or transferability of ownership 4. No income tax on net income. 5. The owner pays taxes on proprietorship's earnings since it is not a separate tax entity. 6. Unification of ownership and management.7. Unlimited liability of owner.
Answer and Explanation:
The advantages and disadvantages of the sole proprietorship is as follows:
Advantages
1. It is easy for organizing
Disadvantages
1. Unlimited owners liability
2. pays taxes on earnings as it is not a separate tax entity
3. There is no continuous life or ownership transfer
So in this way it should be allocated on advantages and disadvantages
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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Differential Analysis for a Discontinued Product
The condensed product-line income statement for Suffolk China Ware Company for the month of May is as follows:
Sales
Cost of goods sold
Gross profit
Selling and administrative expenses
Income from operations
Suffolk China Ware Company
Product-Line Income Statement
For the Month Ended May 31
Bowls
Plates
$64,000 $89,800
26,500
32,800
$37,500
$57,000
28,500
35,400
$9,000
$21,600
Fixed costs are 12% of the cost of goods sold and 41% of the selling and administrative expenses. Suffolk China Ware assumes
that fixed costs would not be materially affected if the Cups line were discontinued.
Revenues
Costs:
a. Prepare a differential analysis dated May 31 to determine whether to Continue Cups (Alternative 1) or Discontinue Cups
(Alternative 2). If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a
Profit (los)
Variable cost of goods sold
Variable selling and admin, expenses
Fixed costs
Differential Analysis
Continue Cups (Alt. 1) or Discontinue Cups (Alt. 2)
For the Month Ended May 31
Cups
$26,400
15,000
$11,400
15,500
$(4,100)
Continue Cups Discontinue Cups
(Alternative 1) (Alternative 2)
0000
b. Should the Cups line be retained? Explain.
C.
As indicated by the differential analysis in part (a), the income will (blank) by $(blank)
if the Cups line is discontinued.
a.)The differential analysis shows that if the Cups line is discontinued, the company's net income will decrease by $12,668. Therefore, discontinuing the Cups line is not a profitable alternative. b.)the Cups line should be retained. c.) the company will incur a loss of $9,536 if it discontinues the Cups product line
a.)The differential analysis for whether to continue or discontinue the Cups product line is as follows:
Differential Analysis
Continue Cups (Alternative 1) Discontinue Cups (Alternative 2)
Sales $26,400 $0
Variable Costs:
Cost of Goods Sold $15,000 $0
Variable Selling and Administrative Expenses $11,400 $0
Contribution Margin $0 $(0)
Fixed Costs:
Cost of Goods Sold ($3,180) ($0)
Selling and Administrative Expenses ($6,356) ($0)
Income (Loss) from Operations $(9,536) $(0)
The differential analysis shows that if the Cups product line is discontinued, the company will save $26,400 in sales revenue, but will also save $15,000 in variable cost of goods sold and $11,400 in variable selling and administrative expenses.
However, the company will still have to pay $3,180 in fixed costs related to the Cups product line's cost of goods sold and $6,356 in fixed costs related to selling and administrative expenses. Therefore, if the company discontinues the Cups product line, it will save $26,400 in sales revenue but will still incur $9,536 in fixed costs, resulting in a loss of $9,536.
b.Based on the differential analysis, Suffolk China Ware Company should retain the Cups product line.
While discontinuing the product line would save $26,400 in sales revenue, it would result in a net loss of $9,536 due to the fixed costs that would still need to be incurred.
By continuing the Cups product line, the company would be able to generate a positive contribution margin of $11,400, which would help cover the fixed costs associated with the product line.
c.As indicated by the differential analysis in part (a), the income will decrease by $9,536 if the Cups line is discontinued. This means that the company will incur a loss of $9,536 if it discontinues the Cups product line, after taking into account the savings in variable costs and lost sales revenue.
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whan deciding how to invest your money which of the following is least important to know
When deciding how to invest your money, it's essential to consider several factors such as risk tolerance, investment goals, and time horizon.
However, the least important factor to know is probably the short-term market fluctuations.
Short-term market fluctuations refer to the daily ups and downs in the stock market or other investment platforms. While it can be tempting to focus on these fluctuations, they are generally not indicative of long-term performance and can lead to emotional, impulsive decisions that may not align with your investment strategy. Instead, it's more important to focus on factors that contribute to long-term growth and stability.
A sound investment strategy takes into account your risk tolerance, which is your ability and willingness to withstand potential losses. Additionally, clearly defined investment goals help you create a tailored plan that considers your specific objectives, such as saving for retirement or funding a child's education. Your time horizon, or the length of time you plan to invest, also plays a significant role in determining suitable investment options.
By prioritizing long-term factors like risk tolerance, investment goals, and time horizon, you can make more informed decisions that will ultimately lead to better financial outcomes. Remember that short-term market fluctuations can be distracting and are less important in the grand scheme of your investment journey.
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The second issue you chose to address with Kenisha is the complexity of the product. The marketing department conducted numerous focus groups to gauge their reaction to the prototype, and the feedback from these focus groups revealed that customers perceived the product to be too complicated and not sufficiently user-friendly. Which of the following statements would be the best explanation for the rejection based on the focus groups' feedback that the product was too complex?
a. The good news is that you've put a lot of great features in the Radio-DRM. The bad news is that focus group customers thought that it was about as complicated as programming the Starship Enterprise. They don't want to spend hours adjusting dials and knobs; all they want to do is plug it in and set a few controls.
b. The customers in the focus groups thought this product is just too complicated! You're building a cruise ship when a simple rowboat will do. You and your team need to stop over- engineering.
c. The marketing department conducted several focus groups for this prototype, and it looks like there are some problems with its complexity. You need to fix these problems as soon as possible.
d. As you know, the marketing department conducted several focus groups for the prototype. Although there were features customers liked, much of the feedback from customers was that the Radio-DRM needs to be made simpler and more user-friendly.
Answer:
ushdusbs
Explanation:
espero te si ha bro zorry
Which of the following statements is true? In market equilibrium:
a. There are uncomsummated wealth destroying transactions
b. There are unconsummated value creating transactions
c. None of these
d. There are no unconsummated wealth creating transactins
Answer: d. There are no unconsummated wealth creating transactions
Explanation:
In an equilibrium, a price has been reached that everyone is satisfied with. This is why there are no unconsummated wealth creating transactions.
The market has managed to bring together people who are want a certain good more than they will pay for it and sellers who value the good less than they will receive for it. The Equilibrium therefore sets a price that is fair on both these people which will mean that they will not be able to unfairly trade with one another. The person who values the good more than they can pay will be able to pay the person who values the goods less than they will receive. Equilibrium has brought them to a middle ground.
Which is an example of a diversified portfolio?
A. A variety of stocks, bonds, and bank accounts
B. A variety of high-risk stocks
C. High-yield bonds and growth stocks
D. Multiple bank accounts with high interest
A variety of stocks, bonds, and bank accounts.
What Is Diversification?
A portfolio's investments are mixed together in a broad variety as part of the risk management approach known as diversification. To reduce exposure to any one asset or risk, a diversified portfolio combines a variety of different asset classes and investment vehicles.
This strategy is justified by the idea that a portfolio made up of many asset classes would, on average, produce superior long-term returns and reduce the risk of any one holding or security.
In order for the beneficial performance of certain assets to offset the bad performance of others, diversification aims to smooth out unsystematic risk occurrences in a portfolio. The benefits of diversity only apply if the assets in the portfolio are not fully linked; in other words, if they react to market factors differently, frequently in opposite directions.
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Match the definition to the term.
1. commute
2. lifestyle
3. lifestyle budget
lists the costs of items you chooseto spend your money on
the way a person chooses to live
commute the distance you travel to
and from work
The correct matching of the term and its definitions are:
commute - the distance you travel to and from work
lifestyle - the way a person chooses to live
lifestyle budget - lists the costs of items you choose to spend your money on.
What is Lifestyle Budget?A lifestyle budget is a budgeting approach that concentrates on allocating money toward the choices, needs, and prioritizations of an individual or household.
This type of budget incorporates expenditures such as amusement, dining at restaurants, pastimes, holidays, clothing, as well as other optional acquisitions into the total monetary scheme. By creating a lifestyle budget, individuals can feasibly manage their money and attain their financial aspirations while still cherishing their preferred lifestyle.
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Based on the available terms and the definition in the option, the right matching includes lifestyle budget = lists the costs of items you choose to spend your money on.
What is the Definition?The definition is a term that is used to describe the statement of meaning of a term or word, or phrase.
Generally, the term Definitions can be classified into two large categories: intensional definitions which aim to give the sense of a term, and extensional definitions which list the objects that a term defines.
Hence, in this case, we have the following words and their meanings:lifestyle budget = lists the costs of items you choose to spend your money on.lifestyle = the way a person chooses to livecommute = commute the distance you travel toand from workTherefore, in this case, it is concluded that each word or phrase has a specific meaning.
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Choose all items that are essential to prepare for
a job interview.
Make a list of questions you want to ask.
Notify your current employer.
Learn about the company.
Prepare to answer common interview
questions.
Consult with an attorney.
Answer:
A, C and D
Explanation:
Make a list of questions you want to ask, learn about the company and prepare to answer common interview questions are essential to prepare for a job interview. Hence, A, C and D are correct.
What is an interview?An interview is a pre-arranged conversation in which one side asks questions and the other responds. In common parlance, the term "interview" refers to a private conversation between an interviewer and an interviewee.
Through questions, the interviewer hopes to elicit information from the interviewee. The person who responds to questions asked by an interviewer is known as the interviewee.
There are various steps involved in hiring new employees, including the interview process. The interview process often involves writing a job description, posting a job, scheduling interviews, doing phone interviews, performing in-person interviews, following up with candidates, and hiring.
Thus, A, C and D are correct.
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I am better at my job than most of the other people who have the same job title agree or disagree
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
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explain the components of National income
National income is the total value of all goods and services produced within a country's borders, including both goods produced by domestic firms and foreign firms operating within the country. The components of national income include:
1. Wages and salaries: This includes the income earned by employees for their work, including both hourly wages and salaries.
2. Profits: Profits are the income earned by businesses after they have paid all their expenses, including salaries, rent, and other costs.
3. Rent: Rent is the income earned by landlords for the use of their property, such as land or buildings.
4. Interest: Interest is the income earned by lenders for lending money to borrowers, such as banks or other financial institutions.
5. Dividends: Dividends are the income earned by shareholders for their ownership of a company's stock.
6. Indirect taxes: Indirect taxes are taxes that are levied on goods and services, such as sales taxes or value-added taxes.
7. Subsidies: Subsidies are payments made by the government to businesses or individuals to encourage certain activities, such as the production of certain goods or services.
8. Depreciation: Depreciation is the decrease in value of an asset over time, such as a piece of machinery or a building.
Together, these components make up the total national income of a country, and they provide a measure of the overall health and productivity of the economy.
An indirect distribution channel uses agents, wholesalers, and/or retailers.
Question 6 options:
True
False
QUESTION 2 of 10: You plan on using cost-based pricing. The cost of your product is $10, and you are planning a 30% mark-up. What
should the price of your product be?
a) $12.52
b) $12.94
c) $13.00
d) $13.57
Plan to use cost-based pricing: The product costs 10 on a 30% markup. The price of product should be = $13. [Selling price = 10 * 1.3 = $13]. The price of a product is calculated by adding certain percentage to the manufacturing cost.
What is cost-based pricing and why is it used?Cost-based pricing is calculate the cost of a product or service and adding a standard margin to the cost. For example, if a widget costs $2.50 to manufacture, a standard margin of 50% means the widget costs $5.00.
Cost-based pricing is one of the few pricing strategies that can guarantee profits. Regardless of the state of the industry, revenue is generated when the price of a good or service is compared to its cost of production.
What is a cost-based strategy?A cost-based strategy refers to a business decision that bases the price of a product on the cost of production rather than on external factors such as competition or the economic environment. This is the traditional approach to good pricing in a stable market with moderate competition.
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Your Company reported net sales in June of $500,000. At the beginning of June, the company reported beginning inventory of $375,000. Cost of goods purchased during June amounted to $164,500. The company reported ending inventory at the end of June of $210,500. What was the company's gross profit margin for June
If your Company reported net sales in June of $500,000. Cost of goods purchased during June amounted to $164,500. The company's gross profit margin for June is : $355,500.
Using this formula
Gross profit margin =Net sales- Cost of goods purchased
Where:
Net sales=$500,000
Cost of goods purchased=$164,500
Let plug in the formula
Gross profit margin=$500,000-$164,500
Gross profit margin=$355,500
Inconclusion if your Company reported net sales in June of $500,000. Cost of goods purchased during June amounted to $164,500. The company's gross profit margin for June is : $355,500.
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Whitch of the following is required to be considered an entrepreneur?
Answer:
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures
Explanation:
Assets Liabilities
Total Reserves $60,000
Demand Deposits $200,000
Loans $140,000
The balance sheet above shows the financial situation for the Car central bank has set a reserve requirement of 10 percent. What is additional money Carland National Bank can create?
a. $600,000.
b. $40,000.
c. $200,000.
d. $60,000.
e. $400,000.
Answer:
b. $40,000
Explanation:
Calculation for What additional money Carland National Bank can create
Using this formula
Additional money=Total Reserves-(Demand Deposits*Reserve requirement percentage)
Let plug in the formula
Additional money = $60,000 -( $200,000*10%)
Additional money = $60,000-$20,000
Additional money = $40,000
Therefore the additional money Carland National Bank can create will be $40,000
1. What's the term for service that is designed to be tailored to a specific customer's needs
and interests?
A. Customer service
B. Quality service
C. Personalized service
D. Helpful service
Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $ 6 Labor 4 Overhead 2 $ 12 Beginning inventory at these costs on July 1 was 5,000 units. From July 1 to December 1, Convex produced 15,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting.
The cost of goods sold for 15,000 units produced from July 1 to December 1 is $140,000.
What are goods?Goods refer to physical products or tangible items that can be bought, sold, or exchanged in a marketplace. These can be anything from food and clothing to electronics and furniture. Goods can be produced by individuals, businesses, or governments, and are usually traded in exchange for money or other goods. They can also be classified as consumer goods, which are intended for personal use, or as capital goods, which are used to produce other goods and services. The production and consumption of goods play a vital role in the economy, as they generate employment opportunities, drive innovation and technological advancement, and contribute to overall economic growth and development.
Total cost of beginning inventory= 5,000 units x $12 per unit = $60,000
Material $6 + Labor $4 + Overhead $2 = $12 per unit
Total cost of these 5,000 units= 5,000 units x $12 per unit = $60,000
Material $10 + Labor $4 + Overhead $2 = $16 per unit
Total cost of these 10,000 units= 10,000 units x $16 per unit = $160,000
Total cost of goods= Beginning inventory cost + Cost of units produced = $60,000 + $160,000 = $220,000
Cost of ending inventory= 5,000 units x $16 per unit = $80,000
COGS= Cost of goods available for sale - Cost of ending inventory = $220,000 - $80,000 = $140,000
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