Sparks Company reported sales revenue of $360,000, operating expenses of $50,000, and a net loss of...
Sparks Company reported sales revenue of $360,000, operating expenses of $50,000, and a net loss of $45,000 for the most recent fiscal year. What amount did Sparks report for cost of goods sold?
Homework Answers
Let cost of goods sold be x.
Gross profit/loss=Sales Revenue-COGS
=3,60,000-x .......................................(i)
Net Loss= Gross Profit- operating Expenses
-45,000 =(3,60,000-x)-50,000 (From (i) above)
x=3,60,000-50,000+45,000
x=3,55,000
So,COGS is $ 3,55,000.
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