Chapter 7 Flashcards
1
Q
Gross Profit
A
Sales - CGS
2
Q
Net Sales
A
Gross Sales - Sales R&A - Cash Discounts
3
Q
Net Purchase
A
Gross Purchase - Purchase R&A - Cash DC on Purchase
4
Q
C.G. Acquired
A
Net Purchase + Freight-In Transporation
5
Q
G.A.F.S.
A
Beginning Inventory + C.G. Acquired
6
Q
C.G.S.
A
G.A.F.S. - Ending Inventory
7
Q
Investors Turnover Ratio
A
CGS / Average Inventory
8
Q
Average Inventory
A
(Beginning Inventory + Ending Inventory) / 2
9
Q
Gross Profit Ratio
A
Gross Profit / Net Sales
