Calculations of Merchandising Accounts
1. After having studied the material assigned, complete the following assignment:
Net Sales
Based on the following, calculate net sales:
- 99 Sales Discount $15 Purchases $
- Gross Sales 179 Operating Expenses 45
- Sales Returns and Allowances 13
Cost of Goods Sold
Calculate Cost of Goods Sold:
- LO1 (5 min)
- Freight-In $3
- 2 Ending Inventory $
- Beginning Inventory 6
- Net Purchases 65
Gross Profit and Net Income
From the following information, calculate:
- Gross profit
- Net income or net loss
- Purchases, $98;
- Gross Sales, $180;
- Sales Returns and Allowances, $17;
- Sales Discounts, $23;
- Operating Expenses, $46;
- Net Sales, $140;
- Freight-In, $8;
- Beginning Inventory, $16;
- Ending Inventory, $5;
- Net Purchases, $65;
- Cost of Goods Sold, $84