Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) 30,377 X million Feedback Y Check My Work Sales revenue minus gross profit equals the cost of goods sold.

Q: What is freight in on purchases?

A: Purchases are the transaction where in the buyer purchases goods and services from a seller by…

Q: How is Day Sales in Inventory calculated?

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Define the term merchandise returns.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: How are days’ sales in inventory calculated, and what does it measure?

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: What is the formula used to determine the amount of merchandise inventory to be purchased?

A: To calculate amount of merchandise inventory to be purchased, we need opening inventory amount,…

Q: How do you measure gross margin return on inventory(GMROI)?

A: GMROI is a measure of inventory profitability where, it measures how much profit does the sales…

Q: What is inventory turnover Ratio? Explain its significance.

A: Explain the meaning of inventory turnover ratio and its significance:Inventory turnover ratio:…

Q: Why should evaluating t

A: Cost analysis is the process of identifying the actual cost of production of a product to determine…

Q: What is inventory turnover ratio?

A: Inventory:   It can be described as a good or material that a company holds for the purpose of…

Q: What is a merchandiser, and what is the name of the merchandise that it sells?

A: Merchandiser: A merchandiser is a business that sells goods, or merchandise, to its customers.

Q: How do you calculate inventory turnover ratio

A: Inventory turnover ratio indicates how fast a firm converting its inventory into the cost of goods…

Q: Calculate Sandhill's net sales, cost of goods sold, and gross profit for these sales. Net sales Cost…

A: Gross Profit = Sales - Cost of Goods SoldGross Profit is derived by deducting cost of goods sold…

Q: What are three methods for estimating stand-alone selling prices of goods and services that normally…

A: The stand-alone selling price refers to the price at which an entity will sell the goods and…

Q: How did you get the inventory carrying cost please?

A: Lets understand the basics. Economic order quantity is a quantity at which carrying cost and…

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: What does the cost of merchandise inventory includes?

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: How do I get the sales formula?

A: Sales is the total revenue earned by the business from the inventory sold during the period.

Q: What is Inventory turnover rate?

A: Ratio analysis: It refers to the quantitative technique of financial analysis that allows gaining an…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: What is the proper accounting for volume discounts onsales of products?

A: Volume discounts: It is an incentive to encourage for an increase in business. The seller issue…

Q: What does the retail inventory estimates?

A: Retail inventory method:   The retail inventory method is used to calculate the value of ending…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: How about the cost of inventory held by the consignee

A: Cost of inventory includes purchase cost of inventory, it's conversation cost and any other expenses…

Q: What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B.…

A: Sales tax : Sales tax is the amount that the merchant must charge to customers who purchase the…

Q: factors affect inventory turnover ratio

A: The inventory turnover ratio is a financial ratio. It is the rate at which a company is managing its…

Q: Are net sales = Sales less? a. Sales returns b. Sales discounts c. Sales returns & allowances d.…

A: Gross sales minus returns, allowances, and discounts equal net sales. If net sales are reported…

Q: How do you use FIFO and LIFO to calculate the cost of inventory?

A: Lets understand the meaning of LIFO and FIFO method. In First In First Out (FIFO) method company…

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: The price a business pays for goods it purchases to sell is called: A. markup B. purchase price C.…

A: Any item that is displayed for sale and intended to be sold to customers in exchange for a profit is…

Q: The gross margin estimation method estimates the cost of goods sold by O multiplying the costs to…

A: Gross Margin Estimation Methods for Cost of Goods Sold (COGS) are financial techniques used to…

Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…

A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…

Q: The difference between Net sales and Cost of goods sold is referred as _____________.

A: Net Sales means Sales revenue less any sales return, discount and allowances whereas cost of Goods…