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Task 2 Retail industry – Cost of goods sold
This task required the preparation of a Cost of Goods Sold Budget for the quarter July to September for the 7-inch Personal Tablet only. It was required that opening and closing values of inventory as well as purchases be included (as these values are later required for inclusion in Task 3).
One section in your formula/s could be improved by instead of typing the % required in (0.75), linking this back to the data sheet. This way, any amendment is only required on the data sheet rather than in multiple locations
Cost of Sales – working section is to be 50% of the expected Sales Forecast in the first row of data. For example if July Sales = 53,000 x 50% = ?.
Opening inventory is 75% of Cost of Goods sold. July COGS is 26,500 x 75% = ?.
Closing stock is going to be the same as the following months Opening inventory, for example we know that August’s opening inventory is, then this is going to be the same value as July’s closing inventory.
In the “Total column – Opening Inventory” this is the Opening inventory for the Quarter being your first Inventory value known which is July. It is not the addition of all Opening inventories.
In the “Total column – Closing Inventory” this is the Closing inventory for the Quarter being your last Inventory value known which is September. It is not the addition of all Closing inventories.
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