Answered: Zeta Ltd. had beginning inventory of…

Zeta Ltd. had beginning inventory of $5,000, made purchases worth $12,000, and had an ending inventory of $4,000. Calculate the cost of goods sold (COGS) for the period.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Calculate the cost of goods sold

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Hi
What is the gross profit for the period?
How much was the cost of goods sold
Sub: financial Accounting
Hayes Company had the following account balances at the end of the year: Beginning Inventory O Ending Inventory 0 Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts Gross Profit: Net Income: X $ 97,400 $ 46,700 $ 39,400 S 41,400 3,300 25,000 2,350 1,010 5,100 0 Purchases Returns and Allowances Purchases Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $54,400. Sales Discounts Sales Returns and Allowances Sales Selling Expenses $ 5900 86800 7300 6500 196000 25700