Sales: $250,000 Net Cost of Purchases: $70,000 Ending Inventory: $ 20,000 Gross Margin: $80,000 Net Income/Loss:...
Sales: $250,000
Net Cost of Purchases: $70,000
Ending Inventory: $ 20,000
Gross Margin: $80,000
Net Income/Loss: $ 24,000
Calculate Beginning Inventory, COGS and Operating Expenses.
Homework Answers
COGS = Sales - Gross margin
= 250000 - 80000
= 170000
COGS = Beginning inventory + Net cost of purchases - Ending inventory
170000 = Beginning inventory + 70000 - 20000
Beginning inventory = 170000 - 70000 + 20000
= 120000
Operating expenses = Gross margin - Net income
= 80000 - 24000
= 56000
Add Answer to:
Sales: $250,000
Net Cost of Purchases: $70,000
Ending Inventory: $ 20,000
Gross Margin: $80,000
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