Cost of sales = opening stock + purchases-closing stock Cost of sales = opening stock + purchases-closing stock
It means that 60% of sales and purchases are done on cash basis while 40% of purchases and sales are done on credit basis.
Purchase journal only records and deals in with purchases and don't deal with sales items.
1. Net purchases +? = cost of goods purchased 2. Net purchases = ? + ? = purchases
what is the sales tax on a purchase of $264.00
Yes purchase returns are deducted from purchases to calculate the net amount of purchases and that's why included in cost of sales.
Cost of sales = opening stock + purchases-closing stock Cost of sales = opening stock + purchases-closing stock
Billy Ocean is a trader in seafood. The firm uses a margin of 1/6. For the month of May 2017 his opening stock was 70,000, purchases as $250,000, and closing stock was $120,000. What as his sales?
It means that 60% of sales and purchases are done on cash basis while 40% of purchases and sales are done on credit basis.
To calculate the closing stock for a shop, you need to consider the beginning inventory, purchases made during the period, and sales made during the period. The closing stock is calculated by adding the beginning inventory and purchases made during the period, and then subtracting the sales made during the period. The remaining balance is the closing stock.
Purchase journal only records and deals in with purchases and don't deal with sales items.
1. Net purchases +? = cost of goods purchased 2. Net purchases = ? + ? = purchases
1. Net purchases +? = cost of goods purchased 2. Net purchases = ? + ? = purchases
what is the sales tax on a purchase of $264.00
There is no sales tax on real estate purchases.
solution in finding the purchases
Direct cost of sales is that cost which directly identifiable with sales like purchases etc.