Ask Experts Questions for FREE Help !
Ask
    Mash leiford's Avatar
    Mash leiford Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 2, 2008, 04:23 PM
    Cost of goods sold
    If the average inventory is 99073.18, the inventory turnover is 10, sales 12 million,purchase of merchandise is 9,600,000 , gross profit is 2.3 million what is cost of goods sold?
    muslimrao's Avatar
    muslimrao Posts: 34, Reputation: 2
    Junior Member
    		  
    #2

    Nov 3, 2008, 01:16 AM

    Cost of goods sold is : 9,700,000

    The inventory given in question is for our information purpose. Its not our Opening or Ending inventory.. Please verify your answer by below image uploaded by me !

    -----------------------------
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Schedule Cost of goods manufactured and cost of goods sold [ 10 Answers ]

I am taking my first class in Accounting and I am having difficulties with my homework. I have the following problem, that I have done in several ways and I always get an answer that is greater that the correct one. These are the figures (in thousands of dollars): Direct Labor Cost: $10,500...

Find Cost of goods sold and ending inventory using.average cost/FIFO/LIFO [ 2 Answers ]

I'm having a hard time with the fifo and lifo method... of this question Began with 73 yards @ 23 per yard During the month the company made the following purchases. March 3/4 113 yards @ 27 3/12 81 yards @ 29 3/19 167 yards @ 32 3/25 44 yards @ 35

Cost of end. Inv. And cost of goods sold under average cost [ 1 Answers ]

It's me again! I have another question to the same problem. In case someone else responds, I'll post the problem again. June 1 inv20051000 June 12 purch.30061800 June 23 purch. 50073500 June 30 inv. I need to compute the cost of the ending inventory and the cost of goods sold using the...

View more questions Search