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Accounting - Net Sales?


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  #1  
Old 06-15-2008, 01:38 AM
western western is offline
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Default Accounting - Net Sales?

Sales - 245,000
Sales Returns & Allowences - 5,750
Freight In - 8,000
Merchandise Inventory, January 1, 2005 - 30,000
Merhcandise Inventory, December 31, 2005 - 32,000
(ending inventory)
Purchases - 76,000
Purchase Returns & Allowences - 3,600
Freight In - 8,000


a - Net Sales: _____________________
b - Net Cost of Purchases: __________
c - Goods Available for Sale: ________
d - Cost of Goods Sold: ____________
e - Gross Margin: __________________

Help with one or at least tell me HOW to do it.
THANKS in advance
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  #2  
Old 06-15-2008, 01:38 AM
India India is offline
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Default Accounting - Net Sales?

This website has the formulas where you can use to calculate Net Sales, Net Purchases, Costs of Goods Sold and Gross Margin:http://www.sdlearn.com/inserts/Accounting2Card.pdf

Goods Available for Sale = Beginning inventory + Net purchases + Freight in.

For example:
a) Net Sales = Sales Discounts - Sales Returns and Allowances
245,000-5,750=239,250

b) Net Cost of Purchases = Purchases - Purchase Returns & Allowances - Purchase Discounts + Freight In
76,000-3,600+8,000=80,400

c) Goods Available for Sale = Beginning inventory + Net purchases + Freight in
30,000+80,400+8,000=118,400

d) Cost of Goods Sold = Beginning Inventory + Net purchases - Ending inventory
30,000+80,400-32,000=78,400

e) Gross margin = Net Sales - Cost of Goods Sold
239,250 - 78,400 = 160,850
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Old 06-15-2008, 01:38 AM
Carl Carl is offline
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Default Accounting - Net Sales?

A=245000-5750
B=76000+8000-3600
C=mi beg +pur=GAS
thats all sorry im running out of time
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