FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Arne Company buys inventory for $400. The seller sends this merchandise to the company FOB destination. The transportation charge was $13. Arne received a discount

Arne Company buys inventory for $400. The seller sends this merchandise to the company FOB destination. The transportation charge was $13. Arne received a discount of $9 for paying quickly. The inventory is sold to a customer for $670. Arne paid another $17 to have the item delivered to the customers home. What did Arne report as cost of goods sold?

a. $391

b. $395

c. $400

d. $408

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Cost Accounting

Authors: Jawahar Lal, Seema Srivastav

6th Edition

9353168384, 978-9353168384

More Books

Students also viewed these Accounting questions

Question

★★★★★
Sun Corporation received a charter that authorized the issuance of 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed...

Answered: 1 week ago

Question

★★★★★
List the steps of problem solving.

Answered: 1 week ago

Question

★★★★★
Provide several examples of ways in which investors are their own worst enemies.

Answered: 1 week ago

Question

★★★★★
Krisch Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of Krisch Enterprises Inc., with balances on January 1, 2010, are as follows: The following...

Answered: 1 week ago

Question

★★★★★
A family friend has asked your help in analyzing the operations of three anonymous companies operating in the same service sector industry. Supply the missing data in the table below: (Loss amounts...

Answered: 1 week ago

Question

★★★★★
What is the purpose of risk assessment procedures and how do they differ from the four other types of audit tests? 300 wrds and Refere.

Answered: 1 week ago

Question

★★★★★
A service delivery process is a process enabling the delivery of a service. It requires a coupling between a provider and consumer and sometimes necessitates means. The service is returned as long as...

Answered: 1 week ago

Question

★★★★★
(a) From the information gathered from the rationale of hackers and impact of cyber- attack, organisations can improve their security posture against cyber adversaries. (i) (ii) (iii) Recommend and...

Answered: 1 week ago

Question

★★★★★
a. The sales forecast is 2,000; 1,700; 1,600; and 1,500 units for January, February, March, and April, respectively. The unit sales price is $16. All sales are on credit and collections are 40% in...

Answered: 1 week ago

Question

★★★★★
Margaret Chu , general manager of The Times Hotel, has received a phone call from the Service Feedback Agency, which she employs to provide feedback on customer service. The agent from this service...

Answered: 1 week ago

Question

★★★★★
You are performinga study of the percentage of students at NCC that smoke cigarettes.You want to find a 90% confindence interval and you wish to be with 4% of the actual percentage.A similar study...

Answered: 1 week ago

Question

★★★★★
Appreciate the importance of establishing and maintaining a solid one-to-one relationship with each employee in the department and the need to know each as a whole person to be an effective...

Answered: 1 week ago

Question

★★★★★
Perspective, and other characteristics for the purpose of explaining some of the tensions that develop between the two groups

Answered: 1 week ago

Question

★★★★★
Appreciate the value and importance of employee participation and input

Answered: 1 week ago

Previous Question Next Question