What is the cost of goods sold for wine

Assignment Help Accounting Basics
Reference no: EM133067336

Question - Melrose Bar purchased $5,000 worth of wine last month and held an ending inventory of $15,000. If the bar had a beginning inventory of $20,000 and transferred $1,000 worth of wine to the kitchen during the month, what is the cost of goods sold for wine?

Reference no: EM133067336

Questions Cloud

What security measures are currently in place : What security measures are currently in place? Are they effective? Why or why not? What are the challenges that exist in continuous process improvement?
How globalization affects religious practices and beliefs : How globalization affects religious practices and beliefs? Include examples
How much must she deposit today in a special ira account : Tiffany is trying to save $140,000 for a down payment on a new house in 2034. How much must she deposit today in a special IRA account earning 5% interest
Essential elements of enforceable contract : Define the five essential elements of an enforceable contract, and demonstrate how each element relates to your example.
What is the cost of goods sold for wine : If the bar had a beginning inventory of $20,000 and transferred $1,000 worth of wine to the kitchen during the month, what is the cost of goods sold for wine
What is the elasticity of lifespan : 1. Suppose in a given country that the expected life span is 70 years. Health policymakers increase health care spending by 10%, and the lifespan rises
Explain purpose of testing the client''s bank reconciliation : The bank returned an NSF cheque from a customer for $560. Explain the purpose of testing the client's bank reconciliation
Calculate the gross retro-active payment owing : Calculate the gross retro-active payment owing and all applicable statutory deductions, assuming the employee will receive the retro-pay
How much would the future value of the investment increase : Julie wants to invest $3,000 into a mutual fund that pays 7% interest for 10 years. How much would the future value of the investment increase

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare current assets section of ellison balance sheet

Finished goods inventory $12,500. Accounts receivable 25,000. Prepare the current Assets section Of Ellison Company's balance sheet at December 31, 2008

  Prepare the journal entries in the books of the lessor

Prepare the journal entries in the books of the lessor from 30 June 2020 to 30 June 2021. Prepare the lease payments schedule for the lessee

  Should speed print change to the new component

Quality improvement, relevant costs, relevant revenues. SpeedPrint manufactures and sells 18,000 high-technology printing presses each year.

  Which report is easier to understand in term of interpreting

Comment on each section with regards to level of detail (colourful or plain), tone (upbeat or concerned), and aim (serious investor or general public).

  Calculate the price per unit at which the special order

(1) Compute the gain or loss if the customers offer is accepted. (2) Calculate the price per unit at which the special order would generate a $20,000 profit before taxes.

  Fiduciary relationship with international widgets

You are the assistant director of human resources. Janice Marshall has asked you to review the Code of Ethics to determine if John has violated its provisions. You are to prepare a paper that addresses the following.

  What partnership agreement silent as to division of income

What Partnership agreement is silent as to division of income and less? Holden, Phillips, and Rogers are partners with beginning-year capital balances

  At what amount per unit should product be reported

The normal profit is 20% of selling price. At what amount per unit should product 1976NLC be reported, applying lower-of-cost-or-market

  Find how eva and residual income would be incorporated

Find how EVA and residual income would be incorporated in a balanced scorecard (BSC). Briefly explain whether this incorporation would be useful.

  Expenses for the year were 392000 ending equity is 751000

beginning assets were 700000 beginning equity was 225000 revenue for the year was 523000 common stock sold during the

  Determine fixed factory overhead volume variance

determine the variable factory overhead controllable variance,- fixed factory overhead volume variance, - and total factory overhead cost variance.

  Annual interest rates on comparable investments

If annual interest rates on comparable investments are 3.5%,(a) What would be a reasonable price to pay for an annuity paying £17,500 a year for the next 25 years?

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