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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

How are cost of goods sold and gross profit computed?

To determine

Describe the computation of cost of goods sold and gross profit.

Explanation

Cost of goods sold: The amount of cost of merchandise sold during a certain period is referred to as cost of goods sold.

Computation of cost of goods sold:

Cost of Goods Sold
Beginning inventory balance$XXX
Cost of goods bought during the periodXXX
Cost of goods available for saleXXX
Less: Ending inventory(XXX)
Cost of goods sold$XXX

Table (1)

Gross profit: The excess of price of merchandise sold over the cost of merchandise sold is referred to as gross profit...

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