[Pay for Essay] – calculate the Cost of Goods Sold

3) Complete as much of these schedules as you can:

(a) Beg. Inventory 100 $ 500 $ 50,000
Purchase #1 220 $ 600 132,000
Purchase #2 180 $ 650 117,000
Returns (265) $ 600 (159,000)
Purchase #3 110 $ 700 77,000
Cost of Goods Available ___ $_________
Sales 200
Ending inventory is valued at FIFO, what is it? ____ $__________

(b) Calculate net purchases

Gross Purchases from vendors $
Returns _______
Net Purchases $ _______

(c) Calculate Cost of Goods Sold (COGS)

Beginning Inventory 100 $
Net Purchases 245 _______
Cost of Goods Available ___ $ ______
Ending Inventory 145 _______
Cost of Goods Sold $ ______

(d) Calculate Gross Profit

(a) Net Sales ______ $ 800 $______
COGS ______
Gross Profit $ ______

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