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Answer all of the following discussion board questions in easy to understand paragraph or two. Word has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business.
During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each. Other than the cost of the hat, his only other expense last summer was $120 for parking. He sold 78 hats last summer. His accountant prepared a financial statement for him and he has several questions about the income statement.
He asks: What does the cost of goods sold and gross profit mean?
How much gross profit do I make on each hat? Why show both gross profit and net income? If I have hats returned or a give a discount, how will that be shown on the income statement?
Verified Expert
In the case, we have calculated gross margin and COGS.Gross margin is the margin calculated after deducting COGS from revenue.In the case, we have also explained the treatment of sales discount and returns.
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