Which of the following is the correct formula for cost of sales?
A: Opening inventory – purchases + closing inventory
B: Purchases – closing inventory + sales
C: Opening inventory + closing inventory – purchases
D: Opening inventory – closing inventory + purchases
A: Opening inventory – purchases + closing inventory
B: Purchases – closing inventory + sales
C: Opening inventory + closing inventory – purchases
D: Opening inventory – closing inventory + purchases
举一反三
- Opening inventory of raw materials was $58,000, closing inventory was $63,000, purchases were $256,000, purchase returns were $17,000. What was cost of sales?? $244,000|$234,000|$239,000|$256,000
- The difference between Cost of Goods Sold and Cost of Goods Available for Sale is: A: Beginning Inventory B: Ending Inventory C: Net Sales D: Net Purchases
- 中国大学MOOC: G Co makes the following purchases and sales. 1 January Purchases 4,000 units for $10,000 31 January Purchases 1,000 units for $2,000 15 February Sales 3,000 units for $13,000 28 February Purchases 1,500 units for $3,750 14 March Sales 500 units for $1,200 At 31 March which of the following closing inventory valuations using LIFO is correct?
- Gross profit for 20X3 can be calculated from: A: Purchases for 20X3, plus inventory at 31 December 20X3, less inventory at 1 January 20X3 B: Purchases for 20X3, less inventory at 31 December 20X3, plus inventory at 1 January 20X3 C: Cost of goods sold during 20X3, plus sales during 20X3 D: Net profit for 20X3, plus expenses for 20X3
- Budgeted purchases =beginning inventory + cost of goods sold – desired ending inventory.