solve the questions

What classifies you as a merchandiser? If I give you net sales, and Gross Profit, can you back into what COGS is? Sales - COGS = Gross Profit. Please know this formula: Beginning Inventory + Purchases = Goods available for sale - Ending Inventory = COGS. That's all I'm going to say. What is the formula for Gross Margin Ratio? Look it up and then just plug and play to get the answer. What does 2/10, N/ 30 mean? If you buy something from me at $200 each, and I give you a 20% discount on the item, and then charge you $5 for shipping, what is the total cost per item? Did you come up with $165? 200 X.80 + 5 = 165. See how that works? You buy $100 of merchandise. 2 days later you return $20. I give you terms of 2/10, N/30. You pay within 10 days. How much do you pay? Do you remember how to get to Net Sales? Remember that you take Gross sales - sales discounts, - sales returns & allowances = Net sales. Current ratio is current assets over current liabilities, but what is the formula for the Acid Test Ratio? We don't use current assets here. Damaged and obsolete goods are reduced to what? 3 words from chapter 6. Which of the FOB's would you use if you the buyer takes ownership while the goods are in transit? What are goods on consignment? What are all the cost that can go into your inventory? The better question is, what is NOT included in your inventory amount? Out of the 4 inventory valuation methods for chapter 6, which yields the highest inventory value in a world of rising prices? I will say, make sure you understand the chapter 6 quiz and why we use LIFO, Vs FIFO, vs, Weighted Average, vs Specific Identification. What is the formula for Inventory Turnover Ratio? Calculate it. Can von calculate Day's sales in Inventory2 6 10:58 Icourses/1199381/discussion_topics/5656500 What is the formula for Inventory Turnover Ratio? Calculate it. Can you calculate Day's sales in Inventory? You have one problem that will ask you to calculate ending inventory based on Specific Identification. Pretty easy, just takes a few minutes to do. Chapter 7, Accounting Information Systems collect and report what? What is a special journal? Why do we use a sales journal? What is a Purchasing Journal used for? Then what do we use a General Journal for? Do you see that I am focusing on concepts, not just math? 5 fundamental principles of accounting are What are the 2 subsidiary ledgers that you learned about? What are they? How are they used? Which journal would you use for a sales return? (hopefully not that often). You better look up day's payable outstanding and how do you calculate it. Accounts payable / COGS X 365 And there you go. If I don't see a bunch of A's coming out of this class, I might just cry