1. Enter the beginning inventory.1.________________________ | ||
2. Add up the purchases and enter.2.________________________ | ||
3. Add line 1 and line 2. This is the amount "available for sale."3.________________________ | ||
4. Enter the ending inventory.4.________________________ | ||
5. Subtract line 4 from line 3. This is the cost-of-goods-sold5.________________________ |
use 70% |
use 75% |
Sales |
$12,000 |
$12,000 |
Beginning inventory at $8,000 retail |
$ 5,600 |
$ 6,000 |
|
Purchases |
$ 7,000 |
$ 7,000 |
|
Ending inventory at $5,000 retail |
$ 3,500 |
$ 3,7500 |
|
COGS |
$ 9,100 |
$ 9,250 |
|
Gross Profit |
$ 2,900 |
$ 2,750 |
|
Gross Profit Percentage |
24% |
23% |