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Anna71 [15]
1 year ago
11

Kushman Combines Inc. has $20,000 of ending finished goods inventory as of December 31, 2017. If beginning finished goods invent

ory was $10,000 and cost of goods sold was $50,000, how much would Kushman report for cost of goods manufactured?
(A) $60,000
(B) $40,000
(C) $10,000
(D)$70,000
Business
1 answer:
just olya [345]1 year ago
5 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Kushman Combines Inc. has $20,000 of ending finished goods inventory as of December 31, 2017. If beginning finished goods inventory was $10,000 and the cost of goods sold was $50,000.

We need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

50,000= 10,000 + cost of goods manufactured - 20,000

50,000 + 20,000 - 10,000= cost of goods manufactured

60,000= cost of goods manufactured

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Read 2 more answers
Which of the following could be used as a basis to allocate profits among partners who are active in the management of the partn
grandymaker [24]

Answer:

1, 2, 3 & 4

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All of the given options could be used as a basis to allocate the profit among partners. Allocation of salaries is also a basis for profit allocation. Salaries of partner is deducted from the net profit on the basis of predetermined ratio or amounts.

The numbers of years can also be a base for the profit allocation. The partner from the long time could have more share than a new partner but it depends on the agreement of all the partners.

The profit can also be based on the the amount of work work done or time spent by each partner. Some associations and firms use this method to allocate the profit.

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If the Land of Mercury had total exports of $150 billion and total imports of $234 billion, it had a A. comparative advantage B.
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