What was the companys cost of goods sold for the month

Assignment Help Financial Accounting

Reference no: EM131247547

Gabat Inc. is a merchandising company. Last month the company's merchandise purchases totaled $67,000. The company's beginning merchandise inventory was $19,000 and its ending merchandise inventory was $22,000. What was the company's cost of goods sold for the month?

$108,000

$67,000

$64,000

$70,000

Reference no: EM131247547

Questions Cloud

Costing system of rather than job-order costing system : For which situation(s) below would an organization be more likely to use a process costing system of rather than a job-order costing system? Powell’s Courier Service recorded a loss of $9,000 when it sold a van that originally cost $84,000 for $15,00..

Consisted of raw materials classified as indirect materials : Stelmack Corporation, a manufacturing Corporation, has provided data concerning its operations for September. The beginning balance in the raw materials account was $20,000 and the ending balance was $27,000. Manufacturing overhead cost incurred duri..

Parents file joint return and report taxable income : Taylor, age 16, is claimed as a dependent by her parents. For 2016, she records the following income: $4,000 wages from a summer job, $1,820 interest from a money market account, and $2,100 interest from City of Boston bonds. Assume that Taylor's tax..

What should be the total cost of operating the helpline cost : Kodama Corporation staffs a helpline to answer questions from customers. The costs of operating the helpline are variable with respect to the number of calls in a month. At a volume of 30,000 calls in a month, the costs of operating the helpline tota..

What was the companys cost of goods sold for the month : Gabat Inc. is a merchandising company. Last month the company's merchandise purchases totaled $67,000. The company's beginning merchandise inventory was $19,000 and its ending merchandise inventory was $22,000. What was the company's cost of goods so..

The long term investments in available for sale securities : Information regarding Carperk Company's individual investments in securities during its calendar-year 2013, along with the December 31, 2013, fair values, follows. Investment in Brava Company bonds: $492,600 cost, $535,456 fair value. Carperk intends..

Estimated percentage completion to be increased or decreased : Gary Stevens and Mary James are production managers in the Consumer Electronics Division of General Electronics Company, which has several dozen plants scattered in locations throughout the world. Mary manages the plant located in Des Moines, Iowa, w..

Prepare traditional income statement : Prepare a traditional (absorption) income statement for Maryville, Inc., for the month of August . Assume that sales for the month were $264,867 and the company's effective income tax rate was 40%.

Internal controls for e-commerce and bank account controls : Internal controls. Of the presentation of internal controls, internal controls for e-commerce and bank account controls, identify one and explain how it would be implemented and how it would then protect the company's assets.

User Account

All Pages