A retailer has yearly sales of $900,000 Inventory on January 1 is $360,000 (at cost) During the year, $660,000 of merchandise (at cost) is purchased The ending inventory is $325,000 (at cost) Operating costs are $90,000 Calculate the cost of goods sold and net profit, and set up a profit and loss s...

Sales 900000 Costs of goods sold Beginning inventory at cost 360000 Purchases ...

A retailer has yearly sales of $900,000. Inventory on January 1 is $360,000 (at cost). During the

Question:

A retailer has yearly sales of $900,000. Inventory on January 1 is $360,000 (at cost). During the year, $660,000 of merchandise (at cost) is purchased. The is $325,000 (at cost). Operating costs are $90,000. Calculate the cost of goods sold and net profit, and set up a profit-and-loss statement. There are no retail reductions in this problem. Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...