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    oma0528's Avatar
    oma0528 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Dec 20, 2007, 08:48 PM
    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).. .
    ms180sx's Avatar
    ms180sx Posts: 64, Reputation: 6
    Junior Member
    		  
    #2

    Dec 20, 2007, 10:59 PM
    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 don't see a loss, I see a net gain.

    hope this was helpful and correct.. lol
    tim-
    mhela's Avatar
    mhela Posts: 1, Reputation: 1
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    #3

    Aug 22, 2012, 06:06 PM
    How I will find the ending inventory without cost of good sold given?
    And

    How I will find the cost good sold without ending inventory given?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #4

    Aug 22, 2012, 07:29 PM
    Around and around and around we go, without knowing what information you do have it is difficult to answer your question and it is better to ask a new question than tack your question on an old question
    presentacion's Avatar
    presentacion Posts: 1, Reputation: 1
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    #5

    Nov 14, 2012, 06:36 PM
    sales--------------------------------------------------------------------------------------------60000 less cost of sales.. merchandise beg- 6000 +purchases 36000=cost of goods for sale 42000 -merchandise end 7950=34050 cost of sales then sales 60000-34050= gross profit 25950-expenses 9000=16950 the net income
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