Soundview Centre uses a periodic inventory system. At the end of 2015, the accounting records include...
Soundview Centre uses a periodic inventory system. At the end of
2015, the accounting records include the following
information:
Inventory dec 31 2014 = 23100
inventory dec 31 2015 = 15900
net sales= 318000
purchases= 183000
Compute the following for 2015:
Cost of goods sold=
Gross profit=
Homework Answers
Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory
= 23100 + 183,000 - 15,900
= $190,200
Gross Profit = Net Sales - Cost of Goods sold
= 318,000 - 190,200
= $127,800
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Soundview Centre uses a periodic inventory system. At the end of
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