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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Determining cost of merchandise sold

For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy’s cost of merchandise sold?

To determine

Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a specific period of time. Its mathematical representation is as below:

Cost of merchandise sold=Net salesGross profit

To Compute: The cost of merchandise sold of the company.

Explanation

Calculate cost of merchandise sold for company.

Net sales = $40,339 million

Gross profit = $9,047 million

Cost of merchandise sold = Net salesGross profit=$40,339

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