Cost of merchandise sold Study guides, Class notes & Summaries

Family Consumer Science GACE 2 Questions and Answers Already Passed 1 gallon equals how many quarts? 4 1 gallon equals how many pints? 8 1 gallon equals how many cups? 16 1 gallon equals how many ounces? 128 To maintain a sufficient credit rating and to avoid having a card revoked. Contact the creditor Interest rate on credit cards A.P.R. What is a bull market? Prices rising or expected to rise With respect to finances, which of the following should be given primary con...

Principles of Accounting Exam 2 (2024) || All Questions & Solutions (100% Verified) Principles of Accounting Exam 2 (2024) || All Questions & Solutions (100% Verified) Service Business - ANSWER - A business providing services rather than products to customers. Gross Profit - ANSWER - Sales minus the cost of merchandise sold. Net Sales - ANSWER - The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any discounts allowed. ...

IDIS 240 Final Exam – Vestal Questions with Complete Solutions 100% Cash Flow - Correct Answer Cash in bank > purchased inventory > sold inventory > accounts receivable > cash in bank List Price - Correct Answer The retail price listed selling price - Correct Answer list price - trade discounts Net price - Correct Answer = selling price - allowable discounts (cash discounts) Net Sale Cost of Good Sold (COGS) - Correct Answer = Cost of Merchandise + Freight from Manuf...

MKT 315What is Retailing? - correct answer A set of business activities that adds value to the products and services sold to consumers for their personal or family use. It is the last stage in the distribution process; includes every sale to the final customer Pure Retailers - correct answer Sears, Holiday Inn, McDonalds Retailers that are also wholesalers - correct answer Office Depot, Home Depot Four Ways Retailers Add Value - correct answer 1. Breaking Bulk 2. Holding Inventory ...

Cash Flow - Answer-Cash in bank > purchased inventory > sold inventory > accounts receivable > cash in bank List Price - Answer-The retail price listed selling price - Answer-list price - trade discounts Net price - Answer-= selling price - allowable discounts (cash discounts) Net Sale Cost of Good Sold (COGS) - Answer-= Cost of Merchandise + Freight from Manufacturer Trade Discounts - Answer-specify term of sale and change of price with how they see fit. Cash Discounts - Ans...

AAMI Accounting 2 Final Exam with Certified Solutions The concept that prices rise over time Inflation Another term for sales Revenue Sales - Cost of Goods Sold Gross Profit In an inflationary period what method of inventory valuation would lower profits LIFO In an inflationary period what method of inventory valuation would increase profits FIFO In a deflationary period what method of inventory valuation would lower profits FIFO In a deflationary period what method of in...

IDIS 240 exam 2 with Complete Solutions FOB Free of board NPBT Net Profit before tax NPAT net profit after tax SGA selling general and administrative expense EBITDA earnings before interests taxes depreciation and amortization - raising prices increases earning but cutting cogs and expenses provides higher increase GMROII gross margin return on inventory investment EBIT earnings before interests taxes UOM unit of measure OEM original equipment manufacturer MRO m...

List Price : Nationally Advertised Price Selling Price : List Price - Trade Discounts = COGS + Margin or = COGS + Markup Net Price : Selling price - all allowable discounts (cash discounts), equal to selling price IF NO DISCOUNTS Cost of Goods Sold (COGS) : Cost of Merchandise + Freight charges from Manufacturer Freight Cost 2 | P a g e : The cost of moving an item from where it was manufactured to either the distributor or the customer's location Free On Board (FOB) : - Comm...

Balance Sheet Attempts to describe the financial condition of the firm at a point in time. Includes: Assets, Liabilities, & Equity - "net assets" what remains after deducting liabilities from assets.. Income Statement Presents the results of the operations of an entity over a peroid of time. Includes: Revenues, Expenses, Income, Gains & Losses Brainpower Read More 0:03 / 0:15 Statement of Equity or Statement of Retained Earnings (Capital) Bridges the gap between the i...

Cash Flow : Cash in bank > purchased inventory > sold inventory > accounts receivable > cash in bank List Price : The retail price listed selling price : list price - trade discounts Net price : = selling price - allowable discounts (cash discounts) Net Sale Cost of Good Sold (COGS) : = Cost of Merchandise + Freight from Manufacturer Trade Discounts 2 | P a g e : specify term of sale and change of price with how they see fit. Cash Discounts : given to encourage buye...