Based on our understanding of inventcory cost fowis,and given the informationlisted below for the company's fiscal year 2018 determine beginninginventory in 2018. A physical count indicated that there was $30,000 ofinventory on hand at December 31, 2018 (i.e.. ending inventory).SalesFreight InPurchase Returns and AllowancesSales ReturnsPurchase DiscountsPurchasesGross ProfitSales Discounts$317,000$7,000$8,000$9,000$4,000$245,000$75,000$1,000
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Based on our understanding of inventcory cost fowis,and given the information listed below for the company's fiscal year 2018 determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e.. ending inventory). Sales Freight In Purchase Returns and Allowances Sales Returns Purchase Discounts Purchases Gross Profit Sales Discounts $317,000 $7,000 $8,000 $9,000 $4,000 $245,000 $75,000 $1,000
Cost of goods sold is calculated by subtracting gross profit from net sales.
Note :- Net Sales is calculated by subtracting sales returns and sales discounts from gross sales.
Net purchases is calculated by adding freight in charges to gross purchases amount and subtracting purchase discounts as well as purchase return from gross purchase...
Business
Accounting
Cost Accounting
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