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    nat12132003's Avatar
    nat12132003 Posts: 1, Reputation: 1
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    #1

    Dec 20, 2008, 02:20 PM
    Calculating Revenue Expensea and Income
    Sales $60.000, $42,000, $36,000 $? $23,600
    Cost of Goods Sold
    Merchandise inventory (beginning) $6000 $17050 $7500 $7000 $2560
    Total cost of merchandise purchases $36,000?? $32,000, $5,600
    Merchandise inventory (ending)? (2,700), (9,000) (6,000),
    Cost of goods sold $34,050, $15,900,? 5,600
    Gross Profit?? 3,750, 45,600,
    Expenses $9,000, 10,650, 12,150, 2,600, 6000
    Net income (loss) $? $15950, $(8400), $43,000, $?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Dec 20, 2008, 05:40 PM

    COGS = Beginning Inventory + Purchases - Ending Inventory

    Ending Inventory = Beginning Inventory + Purchases - COGS

    Purchases = COGS - Beginning Inventory + Ending Inventory

    Gross Profit = Sales - COGS

    Net Income = Gross Profit - Expenses
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