The bar has an opening inventory of wine of $20,000, purchases $10,000 of wine inventory and has an ending wine inventory of $15,000. What is the Cost of Goods Sold if the bar transferred 1,000 worth of wine to the kitchen $9,000 $14,000 $15,000 $25,000

The bar has an opening inventory of wine of $20,000, purchases $10,000 of wine inventory and has an ending wine inventory of $15,000. What is the Cost of Goods Sold if the bar transferred 1,000 worth of wine to the kitchen $9,000 $14,000 $15,000 $25,000

Name: The bar has an opening inventory of wine of $20,000, purchases $10,000
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Description: The bar has an opening inventory of wine of $20,000, purchases $10,000 of wine inventory and has an ending wine inventory of $15,000. What is the Cost of Goods Sold if the bar transferred 1,000 worth of wine to the kitchen$9,000$14,000$15,000$25,000

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

ChapterC: Cases

Section: Chapter Questions

Problem 5.1SC: Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing...

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Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Beginning Inventory Units Produced 25,000 Units Sold 20,000 Selling Price per Unit $146 Variable Sales and Administration Expenses $4 Fixed Sales and Administration Expenses $975,000 Direct Material Cost per Unit $26 Direct Labor Cost per Unit $1 Variable Manufacturing Overhead Cost per Unit $3 Fixed Manufacturing Overhead Cost per Month $977,500 Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Absorption Cost of Goods Sold: Total Cost of Goods Sold Sales and Administrative Expenses: Variable Fixed Prepare an income statement under the variable costing method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Variable Cost of Goods Sold: Total Cost of Goods Sold Sales and Administrative Expenses:…
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