What is the cost of goods sold section, Accounting Basics

Assignment Help:

The cost of goods sold section

Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit.  (Net Sales - cost of goods sold = Gross profit)

1810_The cost of goods sold section.png

You need both beginning and ending merchandise inventory figures and net purchases for period. (Purchases Returns and Purchases Discounts and Allowances decrease cost of Purchases.)

 

 


Related Discussions:- What is the cost of goods sold section

Accounting changes - significant accounting policies, The Company changed i...

The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r

Secret trails received payment in full within the credit, Secret Trails rec...

Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record

Interest calculations, Calculate the amount of interest for each of the f...

Calculate the amount of interest for each of the following independent situations (assume 365 days per year):             a)

Explain about long-term assets, Q. Explain about Long-term assets? Long...

Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme

Accounting process in operation, Accounting process in operation Micro ...

Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa

In addition, In addition, assume that Anheuser-Busch InBev sold 200 million...

In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,

Calculate the average return, Below is the share price, taken annually over...

Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.

How to deal barter transactions?, How to create account for barter transact...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

the specific citation for accounting , Corporations frequently invest in s...

Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd