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Item Amount Beginning Inventory $760,000 Purchases $920,000 Ending Inventory $770,000 Sales $6,800,000 Sales Returns and Allowances $155,000 Freight-In $270,000 Purchase Discounts $135,000 Purchase Returns and
| Item | Amount |
|---|---|
| Beginning Inventory | $760,000 |
| Purchases | $920,000 |
| Ending Inventory | $770,000 |
| Sales | $6,800,000 |
| Sales Returns and Allowances | $155,000 |
| Freight-In | $270,000 |
| Purchase Discounts | $135,000 |
| Purchase Returns and Allowances | $74,000 |
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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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
