Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now
3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Business & Careers > Accounting   »   Need to find ending inventory, gross profit and net income

Answer this Question
Ask about Accounting
 
Question Tools Search this Question Display Modes
Question
 
 
#1  
Old Dec 20, 2007, 06:48 PM
oma0528
New Member
oma0528 is offline
 
Join Date: Dec 2007
Posts: 3
oma0528 See this member's comment history on his/her Profile page.
Need to find ending inventory, gross profit and net income

Please help, need directions to finding "ending Inv" ; "Gross profit" ; "net Income(loss)"

Any formulas I can use to finish the rest of the problems that go with this one? They all vary in filling in the blanks.

Truly appreciate the help!

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000

Cost of goods sold
Merchandise inventory (beginning) . . . . . . . . . . 6,000
Total cost of merchandise purchases . . . . . . . 36,000

Merchandise inventory (ending) . . . . . . . . . . . .

Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 34,050
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . .

Reply With Quote
 
     

Answers
 
 
Old Dec 20, 2007, 08:59 PM   #2  
ms180sx
Junior Member
ms180sx is offline
 
Join Date: Dec 2007
Posts: 45
ms180sx See this member's comment history on his/her Profile page.
i might be wrong, havent' done acct. in a few semseters.

begin inv + new purchases - cogs = ending inv which should be 7950
total sales - cogs= gross income ( 25950)
income- expenses = net income. ( 16950)

assuming all inventory was sold at constant markup cogs is ~ 56% of sales, therefore markup should be 44%..

i dont see a loss, i see a net gain.

hope this was helpful and correct..lol
tim-

Comments on this post
oma0528 agrees: YES!!! thank you so much... I was on the right track after days of working on this
  Reply With Quote
 
     
Answer this Question
Ask about Accounting


Question Tools Search this Question
Search this Question:

Advanced Search
Display Modes

 
Similar Sponsors

Similar Questions
Question Asker Topic Answers Last Post
FIFO Calcuating Gross Profit and Ending Inventory ldybrd Accounting 1 Dec 20, 2007 09:05 PM
merchandise inventory and gross profit ajtrack84 Accounting 0 Oct 14, 2007 07:33 PM
gross profit kapooktung1 Accounting 1 Jun 11, 2007 09:06 AM
Gross profit method ivory5130 Accounting 1 May 7, 2007 03:07 AM
Gross profit and contribution margin ALMOSTTHERE Accounting 0 May 3, 2007 04:28 AM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 03:48 AM.

Content Relevant URLs by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.