evavasqu81
31.03.2020 •
Business
At the beginning of the year, ACME had an inventory of $600,000. During the year, the company purchased goods costing $2,250,000. If ACME reported ending inventory of $750,000 and sales of $3,000,000, their cost of goods sold and gross profit rate would be
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Ответ:
COGS (cost of goods sold) = $2,100,000
Gross Profit rate = 0.3
Explanation:
The formula for computing COGS (cost of goods sold) is as
COGS (cost of goods sold) = Beginning inventory + Purchases - Ending inventory
where
Beginning inventory amounts to $600,000
Purchases made during the period is $2,250,000
Ending inventory is $750,000
So, putting the values above:
COGS (cost of goods sold) = $600,000 + $2,250,000 - $750,000
COGS (cost of goods sold) = $2,850,000 - $750,000
COGS (cost of goods sold) = $2,100,000
The formula for computing Gross Profit rate is as:
Gross Profit rate = Gross Profit / Net Sales
where
Gross Profit is computed as:
Gross Profit = Net Sales - COGS
= $3,000,000 - $2,100,000
Gross Profit = $900,000
Net Sales is $3,000,000
So, putting the values above:
Gross Profit rate = $900,000 / $3,000,000
Gross Profit rate = 0.3
Ответ:
I think its freelance .