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

Full disclosure, What is the full disclosure principle

What is the full disclosure principle

Vat refundable , Describe what journal entry pass in case of vat refundable...

Describe what journal entry pass in case of vat refundable and in case of vat payable?       Ans) In case of vat payable: output vat Toinput vat To vat payable In case o

Business transactions and the accounting equation, Business transactions an...

Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction

Student, In Excel, I need help with formulas

In Excel, I need help with formulas

Maximum cca , Home Inc. is considering buying a new piece of equipment, whi...

Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product.  The company believe

What is fob shipping point, Q. What is FOB shipping point? FOB shipping...

Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o

How to enter this transaction in books of accounts?, My company has done a ...

My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g

American rule, A rule in economics and law that says attorney fees must be ...

A rule in economics and law that says attorney fees must be paid by every party included in litigation - even the party that wins the case. An exception to the American rule can ta

Explain the term- salaries expense and payment, Explain the term- Salaries ...

Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a

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