Flamingo, Inc has the following budgeted figures
Jan Feb Mar April
Sales $50,200 $67,000 $84,000 $95,000
Cost of goods sold 60% of sales
Required ending inventory $10,000 + 25% of next month's sales
Inventory on hand on Jan 1 $27,500
Calculate cost of goods sold for the month of February.
A) $16,750
B) $30,120
C) $29,370
D) $40,200
D .D) COGS = $67,000 x 60% = $40,200
You might also like to view...
The establishment of a petty cash fund has no effect on the company's total cash balance
a. True b. False Indicate whether the statement is true or false
Madsen, Inc. intends to increase its profits by 50% in the next fiscal year. Which of the following is most likely to be a lead indicator in Madsen's performance report?
A) return on investment B) number of repeat customers C) net profit margin D) sales revenue growth
Prior to the last weekly payroll period of the calendar year, the cumulative earnings of employees A and B are $99,350 and $91,000 respectively. Their earnings for the last completed payroll period of the year are $850 each. The amount of earnings subject to social security tax at 6% is $100,000. All earnings are subject to Medicare tax of 1.5%. Assuming that the payroll will be paid on December
29, what will be the employer's total FICA tax for this payroll period on the two salary amounts of $850 each? A) $127.50 B) $115.50 C) $112.50 D) $0
The purpose of the Freedom of Information Act (FOIA) is to make governmental
records available to the ____whereas the purpose of the Privacy Act is to withhold sensitive documents from public disclosure. Fill in the blanks with correct word