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Cost of goods available for sale & Purchases

Asked Mar 24, 2008, 06:57 AM — 3 Answers
Beginning Inventory $20,000
Purchases
Purchase are & A $5,000
Frt In $8,000
Cost of Goods Sold $233,000
Sales $290.00
Sales Return $11000
Ending Inventor
Gross profit on Sale 446,000

Stumped on how to find Net Purchases and Cost of Goods Available for sale. I am trying to figure this problem out to be able to do with another problem and I am stumped on the equation to finding missing numbers.

Linda DeWolf

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CaptainForest's Avatar
CaptainForest Posts: 3,684, Reputation: 2085
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#2

Mar 24, 2008, 03:52 PM
Beginning Inventory + Net Purchases = Goods Available For Use
COGS = Goods Available For Use – Ending Inventory


Net Purchases = Purchases + Freight In – Discounts (like purchase returns and allowances)
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shlumiel's Avatar
shlumiel Posts: 1, Reputation: 1
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#3

Jul 9, 2012, 03:06 AM
where are the sales in this equation?
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pready's Avatar
pready Posts: 2,678, Reputation: 897
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#4

Jul 9, 2012, 06:28 AM
Sales have nothing to do with purchases or Cost of Goods available for sale.
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