Answer Posted / rajesh
Cost of goods sold is usually the largest expense on the
income statement of a company selling products or goods.
Cost of Goods Sold is a general ledger account under the
perpetual inventory system.
Under the periodic inventory system there will not be an
account entitled Cost of Goods Sold. Instead, the cost of
goods sold is computed as follows: cost of beginning
inventory + cost of goods purchased (net of any returns or
allowances) + freight-in - cost of ending inventory.
This account or this calculation matches the cost of the
goods sold with the sales.
Is This Answer Correct ? | 1 Yes | 1 No |
Post New Answer View All Answers
You been asked to prepare a training class for completing expense statements. What points will you emphasize to insure accurate expense statements are submitted?
explain about mergers & aquisitions? asked on 30/7/09
What is discounting accounting and why depriciation of assets are mention in dicounting accounting?
Hai i am mathi Preparing for bsrb clerical examinations.If anybody had that please mail me at mathiy@rediffmail.com
You are required to show the effect of each of the following changes on profit and Break-Even-Volume from the information given below: Sales 50,000 units Rs. 5.00 per unit Variable cost Rs. 3.00 per unit Fixed cost Rs. 70,000 Changes: (i) Price changes by 20%. (ii) Volume decreases to 40,000 units. (iii) Variable cost increases to Rs 3.50 per unit. (iv) Fixed cost decreases by 10%.
How do you avoid loss situation
difference between office expense and miscelleanous expense with some examples
which kind of expenses or Income will come under direct expenses or Income ?
What is Insider Trading ?
who is the pramotar?
What is meant by consignment
what are the purpose for the preparation of cost centre ?
What do you mean Business
Feature of Master letter of credit of Garments manufacturing company?
why do you want to work here?