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Social ScienceCost of Goods Sold Beginning Inventory Add: Purchases Freight-in Direct Labor Indirect Expenses Inventory Available Less: Ending Inventory Cost of Goods Sold Gross Profit (Loss) SalesBudget Actual Sales$ 604,461.00$ 97,400.00Less Cost of Sales$ 91,421.57$ 14,731.24Net Sales$ 513,039.43$ 82,668.76 Operating Expenses Accounting$ 53,040.00$ 8,840.00Advertising$ 15,000.00$ 2,400.00Wages$ 128,000.00$ 21,500.00Vehicle Expense$ 3,600.00$ 700.00Bank Charges$ 2,400.00$ 400.00Printing$ 4,800.00$ 600.00Insurance$ 15,600.00$ 2,600.00Interest Expense$ 3,600.00$ 625.00Taxes$ 12,000.00$ 2,250.00Rent$ 28,800.00$ 4,900.00Telephone$ 4,800.00$ 800.00Utilities$ 12,000.00$ 2,450.00Deprecation Expense$ 6,000.00$ 1,000.00Office Expense$ 3,000.00$ 450.00Other Expense$ 1,200.00$ 270.00Total Expenses$ 293,840.00$ 49,785.00Net Profit$ 219,199.43$ 32,883.76 Cash Flow Analysis Net Profit (Loss) $ 219,199.43$ 32,883.76Depreciation Expense$ 6,000.00$ 1,000.00Cash from Operations$ 225,199.43$ 33,883.76Plus Initial Cash$ 24,000.00$ 23,524.86Less Principal Payment*$ 96,000.00$ 16,000.00Cash After Princ. Payment$ 153,199.43$ 41,408.62Plus Loan Advance** $ - Less Loan Payment***$ 60,000.00$ 10,000.00Plus Misc. Cash Inflow**** $ - Minus Misc. Cash Outflow$ 60,000.00$ 8,000.00Ending Cash Flow$ 33,199.43$ 23,408.62
| Cost of Goods Sold | |||
| Beginning Inventory | |||
| Add: Purchases | |||
| Freight-in | |||
| Direct Labor | |||
| Indirect Expenses | |||
| Inventory Available | |||
| Less: Ending Inventory | |||
| Cost of Goods Sold | |||
| Gross Profit (Loss) | |||
| Sales | Budget | Actual |
| Sales | $ 604,461.00 | $ 97,400.00 |
| Less Cost of Sales | $ 91,421.57 | $ 14,731.24 |
| Net Sales | $ 513,039.43 | $ 82,668.76 |
| Operating Expenses | ||
| Accounting | $ 53,040.00 | $ 8,840.00 |
| Advertising | $ 15,000.00 | $ 2,400.00 |
| Wages | $ 128,000.00 | $ 21,500.00 |
| Vehicle Expense | $ 3,600.00 | $ 700.00 |
| Bank Charges | $ 2,400.00 | $ 400.00 |
| Printing | $ 4,800.00 | $ 600.00 |
| Insurance | $ 15,600.00 | $ 2,600.00 |
| Interest Expense | $ 3,600.00 | $ 625.00 |
| Taxes | $ 12,000.00 | $ 2,250.00 |
| Rent | $ 28,800.00 | $ 4,900.00 |
| Telephone | $ 4,800.00 | $ 800.00 |
| Utilities | $ 12,000.00 | $ 2,450.00 |
| Deprecation Expense | $ 6,000.00 | $ 1,000.00 |
| Office Expense | $ 3,000.00 | $ 450.00 |
| Other Expense | $ 1,200.00 | $ 270.00 |
| Total Expenses | $ 293,840.00 | $ 49,785.00 |
| Net Profit | $ 219,199.43 | $ 32,883.76 |
| Cash Flow Analysis | ||
| Net Profit (Loss) | $ 219,199.43 | $ 32,883.76 |
| Depreciation Expense | $ 6,000.00 | $ 1,000.00 |
| Cash from Operations | $ 225,199.43 | $ 33,883.76 |
| Plus Initial Cash | $ 24,000.00 | $ 23,524.86 |
| Less Principal Payment* | $ 96,000.00 | $ 16,000.00 |
| Cash After Princ. Payment | $ 153,199.43 | $ 41,408.62 |
| Plus Loan Advance** | $ - | |
| Less Loan Payment*** | $ 60,000.00 | $ 10,000.00 |
| Plus Misc. Cash Inflow**** | $ - | |
| Minus Misc. Cash Outflow | $ 60,000.00 | $ 8,000.00 |
| Ending Cash Flow | $ 33,199.43 | $ 23,408.62 |
Expert Answer
Gross Profit is computed by subtracting the cost of sales from total sales revenue. Cost of goods sold is determined by addi...
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