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Merchandising Operations
I have no idea how to start this. Can someone give me a formula or something I can use to find the missing numbers?
Three items are missing in each of the following columns and are identified by letter. Sales $ (a) $845,000 Sales returns and allowances 15,000 10,000 Sales discounts 12,000 15,000 Net sales 445,000 (d) Beginning inventory (b) 300,000 Cost of goods purchased 225,000 (e) Ending inventory 170,000 303,000 Cost of goods sold 265,000 560,000 Gross profit (c) (f) |
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May be a bit late, but you probably still need it for your test, and you may need to know this later for something else anyway. You need to know the following setup, and you should know the COGS section of this, used in the periodic system. For a problem with missing numbers, plug in what you have and work towards what you don't have. |
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