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Item Amount Beginning Inventory $680,000 Purchases $840,000 Ending Inventory $690,000 Sales $6,000,000 Sales Returns and Allowances $135,000 Freight-In $230,000 Purchase Discounts $115,000 Purchase Returns and
| Item | Amount |
|---|---|
| Beginning Inventory | $680,000 |
| Purchases | $840,000 |
| Ending Inventory | $690,000 |
| Sales | $6,000,000 |
| Sales Returns and Allowances | $135,000 |
| Freight-In | $230,000 |
| Purchase Discounts | $115,000 |
| Purchase Returns and Allowances | $66,000 |
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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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
4th Edition
978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584
