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krisssan
Jun 13, 2010, 09:37 PM
How do I figure out the cost of merchandise purchases for the year?

tkaru
Jun 14, 2010, 02:19 PM
In the account book, under payables you should have everything you spent on purchases. When you add that for the fiscal period, you should have a total.

P.S. This link may help:

Why can a retailer record its purchase of merchandise as a debit to purchases within the cost of goods sold, instead of the asset inventory? | AccountingCoach.com Q&A (http://blog.accountingcoach.com/purchases-merchandise-inventory/)