What is the companys cost of goods sold

Assignment Help Financial Accounting
Reference no: EM13863590

Tropic Resources, Inc. reports net sales of $1,500,000; a gross profit of $650,000; and net income of $90,000. What is the company's cost of goods sold?

Reference no: EM13863590

Questions Cloud

What was the breakeven point in units : Eagle Express Company reported sales of $960,000; a contribution margin ratio of 30%; a variable cost of $210 per unit; and fixed costs totaling $270,000. What was the breakeven point in units?
Balance sheet show the balance of the common stock account : Brando Corporation issued 300,000 shares of $4 par-value common stock at the time of its incorporation. The stock was issued for cash at a price of $15 per share. During the first year of operations, the company sustained a net loss of $100,000. How ..
How many units must the company produce : Buffett Co. has 24,000 units in beginning finished goods. If sales are expected to be 120,000 units for the year and Buffett desires ending finished goods of 30,000 units, how many units must the company produce?
What is the total manufacturing cost per unit : Hercules Chemical Corporation uses process costing to calculate unit costs. For one of its products, conversion cost per unit equals $6. Total materials costs equal $80,000. Equivalent units for materials are 10,000. What is the total manufacturing c..
What is the companys cost of goods sold : Tropic Resources, Inc. reports net sales of $1,500,000; a gross profit of $650,000; and net income of $90,000. What is the company's cost of goods sold?
Apply the revenue and expense recognition principles : Apply the revenue and expense recognition principles; adjust the accounts) Bird-Watcher, Inc., experienced four situations for its supplies. Compute the amounts that have been left blank for each situation. For situations 1 and 2, journalize the need..
What volume is required to provide pretax profit : Assume that a radiologist group practice has the following cost structure: What is the group’s base projected P&L statement? What volume is required to provide a pretax profit of $ 100,000? Pretax profit of $200,000?
Describe how the modified accelerated cost recovery system : Define “Depreciation” and briefly describe the time in which it is relevant. Describe how the Modified Accelerated Cost Recovery System (MACRS) is used in association with Depreciation. Differentiate between Market and Book Value of an asset and (b.)..
What is the amount of tax expense for the current year : Art Imaging Company was organized on April 1 of the current year. On April 2, Art Imaging Company prepaid $54,000 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. What is the amount of tax expense for..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Ending balances from the ledger

Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T-accounts on an Excel spreadsheet and enter the ending balances from the ledger or T-accounts on to the worksheet trial..

  What is the outcome on the financial statements

What is the outcome on the financial statements when a company fails to accrue salaries expense at year-end?

  Adjust the accounts for interest expense

(Learning Objective 3: Adjust the accounts for interest expense) Cheap Travel borrowed $60,000 on October 1 by signing a note payable to Community Bank. The interest expense for each month is $250. The loan agreement requires Cheap to pay interest on..

  Company is replacing existing equipment with new equipment

Company is replacing existing equipment with new equipment which can replicate what the existing machine does and also support a new product line. Old equipment was purchased 3 years ago for 100,000 and was being depreciated using a MACRS 5 year asse..

  Time value of money application in family fund planningsue

time value of money application in family fund planning.sue and tom wright are assistant professors at the local

  Determine the correct inventory amount

Columbia Bank and Trust is considering giving Gallup Company a loan. Before doing so, it decides that further discussions with Gallup’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance..

  Prepare all necessary journal entries for roley

Roley paid freight costs of $1,200. On July 3, Roley returned damaged goods and received credit of $6,000. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.

  Which alternative produces the larger cash flow

Mills, Inc., sold 120,000 cases of glue at $20 per case during 2014. Its beginning inventory consisted of 20,000 cases at a cost of $12 per case. During 2014 it purchased 60,000 cases at $14 per case and, later, 50,000 cases at $15 per case. Using th..

  Prepare general journal entries to record august transaction

Macintosh Inc. was opened for business on August 1, 2014. The following events and transactions. Prepare the general journal entries, in proper format, required to record all of the August transactions.

  Evaluate capital-budgeting decisions

Determine two reasons that net present value is the most favorable method for evaluating capital-budgeting decisions

  Compute the market value

Compute the market value of Renowned Cola's debt

  What amount of expense should be reflected in post

The estimate for 2011 is subject to year-end adjustment. What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd