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Item Amount Beginning Inventory $820,000 Purchases $980,000 Ending Inventory $830,000 Sales $7,400,000 Sales Returns and Allowances $170,000 Freight-In $300,000 Purchase Discounts $150,000 Purchase Returns and
Item | Amount |
---|---|
Beginning Inventory | $820,000 |
Purchases | $980,000 |
Ending Inventory | $830,000 |
Sales | $7,400,000 |
Sales Returns and Allowances | $170,000 |
Freight-In | $300,000 |
Purchase Discounts | $150,000 |
Purchase Returns and Allowances | $80,000 |
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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