k1990
Mar 2, 2012, 01:01 PM
I just need help finding D and E. I will provide the other missing info that I found myself. I just could not seem to find a equation to find the COGS and ending inventory without having to use both in a equation and I don't have the amount for either. ANY HELP IS APPRECIATED !
Given Info:
Sales Revenue $125,600
Less: Sales Returns and allowances (a)= $3560
Net Sales $122,040
COGS:
Beg. Inv. $23,400
Purchases (b) = $75,900
Less: Purchase discounts $1,300
Net Purchases (c) = $74,600
Add: Trans.-In $6,550
COGS purchased $81,150
COGS available for sale $104,550
Less: E. Inventory (e)
COGS (d)
Gross Profit $38,600
Operating expenses (f) = $12,300
Income before tax $26,300
Income tax expense $10,300
Net Income (g) = $16,000
THANKS :)
Given Info:
Sales Revenue $125,600
Less: Sales Returns and allowances (a)= $3560
Net Sales $122,040
COGS:
Beg. Inv. $23,400
Purchases (b) = $75,900
Less: Purchase discounts $1,300
Net Purchases (c) = $74,600
Add: Trans.-In $6,550
COGS purchased $81,150
COGS available for sale $104,550
Less: E. Inventory (e)
COGS (d)
Gross Profit $38,600
Operating expenses (f) = $12,300
Income before tax $26,300
Income tax expense $10,300
Net Income (g) = $16,000
THANKS :)