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The Fudge Shop of Sutton's Bay had sales of $800,000 for the month of June. Given the following information, calculate the Fudge Shop's gross margin
The Fudge Shop of Sutton's Bay had sales of $800,000 for the month of June. Given the following information, calculate the Fudge Shop's gross margin percentage, and prepare their June cost of goods sold statement.
| Purchases | $437,000 |
| Beginning inventory | $221,000 |
| Ending inventory | ?? |
| Purchase Returns | $16,000 |
| Accounts Payable | $13,000 |
| Cost of goods sold | 44% of sales |
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