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Item Amount Beginning Inventory $520,000 Purchases $680,000 Ending Inventory $530,000 Sales $4,400,000 Sales Returns and Allowances $95,000 Freight-In $150,000 Purchase Discounts $75,000 Purchase Returns and
| Item | Amount |
|---|---|
| Beginning Inventory | $520,000 |
| Purchases | $680,000 |
| Ending Inventory | $530,000 |
| Sales | $4,400,000 |
| Sales Returns and Allowances | $95,000 |
| Freight-In | $150,000 |
| Purchase Discounts | $75,000 |
| Purchase Returns and Allowances | $50,000 |
Calculate the following:
- Cost of Goods Sold (COGS)
- Gross Profit
- Net Sales
- Gross Profit Percentage (Gross Profit as a percentage of Net Sales)
- Inventory Turnover (Cost of Goods Sold divided by Average Inventory)
- Average Inventory
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
