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General Accounting Discussions: Accounting Homework

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    I am having trouble finding either cost of goods sold or goods available for sale on an income statement problem. I am given Sales of 53k, beginning inventory of 10,200, Purchases of 42,400, ending inventory of 10,250, Current assets 14.405, Accts Rec 7,300, cash 500, gross fixed assets 22,400, accum depreciation is 11,000, net fixed assets 11,400, total assets are 29,400. Any idea how I can find Cost of Goods or Goods available for Sale?
    • CommentAuthorabril
    • CommentTimeJun 30th 2007
     
    computation of COST OF GOOD AVAILABLE FOR SALE and COST OF GOODS SOLD

    beginning inventory 10,400-
    add: purchases 42,400-
    ----------------------------------------
    Goods Available 4 sale 52,800-
    less: ending inventory 10,250-
    ----------------------------------------
    cost of goods sold 42,550


    computation of gross margin ( i pressume its lilkewise included since sales are given)

    Sales 53,000
    less: cost of goods sold 42,550
    --------------------------------------
    Gross Margin: 10,450

    .. arnt you suppose to create the income statement?

    hope that helps. goodluck
    • CommentAuthorabril
    • CommentTimeJun 30th 2007
     
    im sorry if the alignment is bad.. when i typed my answer its all aligned lol.whatever happened when i posted it.

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