Formulas Flashcards
1
Q
COGS formula
A
(Beg inventory + net purchases + freight in) - ending inventory
2
Q
Net purchases
A
purchases - purchase returns + discounts
3
Q
Cost of goods purchased
A
Net purchases + Freight in
4
Q
Cogs available for sale
A
Beginning inventory + cost of goods purchased
5
Q
Gross profit
A
net sales less cogs
