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    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #61

    Dec 13, 2013, 12:35 AM
    COGS : 237
    Freight In : 22
    Ending Inventory : 147
    Gross Purchases : 300
    Sales : 400
    Purchase Discounts : ?
    Beginning Inventory : 150
    Gross Profit : 163
    Purchase Returns : 50

    The formula is:
    Beg Inv + Purchases + Frt In - Returns - Disc- Ending Inv = COGS
    150+300+22-50-? - 147 = 237
    275 - ? = 237
    275-237= 38
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #62

    Dec 13, 2013, 12:38 AM
    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #63

    Dec 13, 2013, 12:39 AM
    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #64

    Dec 13, 2013, 12:40 AM
    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP

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