The merchandise inventory (begining) is 7000
The total cost of merchandise purchased is 32000
Merchandise inventory (ending) is -6600
gross profit is 45600
expenses are 2600
and net income is 43000
How do i figure out what the sales and cost of goods sold is?
2007-08-10 11:40:20 · 4 answers · asked by chnk5399 1 in Business & Finance ➔ Other - Business & Finance
I did dumbass our book sucks that is why i am asking on here. I just want to know how to do it not the answer.
2007-08-10 11:54:14 · update #1
COGS = Beg. inv. + purchases - ending inv.
so COGS = 7,000 + 32,000 - 6,600 = 32,400
Gross profit = Sales - COGS
45,600 = Sales - 32,400
so Sales = 45,600 + 32,400 = 78,000
2007-08-11 02:27:49 · answer #1 · answered by Sandy 7 · 2⤊ 0⤋
Sales Cost Of Goods Sold
2017-01-02 06:52:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hope this helps!
2015-05-02 10:00:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
go back and reread that chapter again
2007-08-10 11:50:18 · answer #4 · answered by Anonymous · 0⤊ 11⤋