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1. If you do not have a computerized accounting system:
Inventory manufactured or purchased for sale are first debited to "Inventory".
When sold, you debit "bank, or accounts receivable" and credit "sales"
At the end of the accounting period, which could be monthly or yearly, or anytime inbetween, usually after a physical inventory, you then reduce your inventory by crediting "Inventory" and charging the amount reduced to "Cost of Sales".
2. If you have a computerized accounting system:
When you acquire the merchandise to be sold you debit it to a specific "card" in the program's memory of the "Inventory" account.
When you sell it, you will debit "Bank or accounts receivable" and credit "Sales". In order to create your sales invoice, you will have to identify the "card" where the merchandise is posted.
When you change accounting periods (a.i. May to June) the computerized accounting program will then process the sale by reducing the inventory and debiting "Cost of Sales" automatically.
What else can I help you with?
Is the song holiday by the bee gees the same song recorded by the scorpions?
No
Who recorded the song Shakedown?
"Shakedown" is a Pop rock and hard rock song recorded by Bob Seger, an American rock singer. The song was recorded in 1987 and was released on May 23rd of the same year.
How does Missy Elliott make money for her promoters?
Because she brings in the audience which in turn results in high ticket sales which is what generates a promoters revenue, minus the costs of the show and profit is left over. The same is evident with CD sales. Because she brings in the audience which in turn results in high ticket sales which is what generates a promoters revenue, minus the costs of the show and profit is left over. The same is evident with CD sales.
Did George Jones and Johnny Horton ever sing the same song?
George Jones recorded Johnny's hit, "One-Woman Man", twice. The second time Jones recorded it, it was a hit for him.
In what year was the song 'My Mistake' first recorded?
My Mistake' song which was sung by a rock group from New Zealand which is called Split Enz was recorded in the year 1977. It was also released in the same year.
Is cost of sales as the same as expense?
Cost of sales (or cost of goods sold) refers specifically to the direct costs associated with producing or purchasing the goods that a company sells during a period. While it is a type of expense, it is distinct from other operating expenses, such as selling, general, and administrative costs. Therefore, while all cost of sales are expenses, not all expenses are classified as cost of sales.
How to calculate gross profit?
Sales (or revenue, it's the same thing) - cost of goods sold= Gross Profit
Is cost of sales or turnover the same as net sales?
Cost of sales is the expenses to earn sales so cost of sales and net sales are not same, formula for gross profit is as follows: Gross profit = Sales - Cost of sales
Are cost of goods available for sale the same as cost of goods manufactured?
No, because cost of goods manufactured is part of the first. Cost of goods available for sale also includes purchases
Is sales returns an asset?
Sales return is that portion of finished goods which once sold but refund back by customers so as finished goods are assets same way sales return is asset as well because it increase the finished goods inventory.
What is use of the gross profit method assumes a. the amount of gross profit is the same as in prior years. b. sales and cost of goods sold have not changed from previous year?
b
When you're preparing an income statement to calculate gross margin you must subtract?
You must subtract the cost of goods sold from the net sales to get the gross margin (same as gross profit)
Why total revenue equal to total cost?
No total revenue is total finance in, you need to take from this the running costs of the business to get the gross profit (net sales minus the cost of goods and services sold).
Is costs of goods sold the same as cost of revenue?
Costs of Goods Sold (COGS) and Cost of Revenue are related but not the same. COGS specifically refers to the direct costs associated with producing goods sold by a company, such as materials and labor. Cost of Revenue, on the other hand, includes COGS but may also encompass other expenses related to generating revenue, such as distribution and sales costs, particularly for service-based companies. Thus, while COGS is a component of Cost of Revenue, the latter is broader in scope.
If selling prices sales mix and cost structure remain the same do profits and sales increase using variable costing?
Equal
When a business enterprise sells goods domesticallyin most jurisdiction it is obliged to charge sales tax in most same firm does not have to charge sales tax when making export sales to foreigners.wh?
ask mr mills
Does decreasing the sales price increase the contribution margin?
No. Contribution Margin (CM) is the difference between the Sale Price and the Cost Of Goods Sold (COGS). Cost of Goods Sold = Cost of parts, materials, labor to produce the item sold. [This is also called Direct Cost.] So, we can write a simple equation: Contribution Margin = Sale Price - COGS. If Sale Price goes down and COGS stays same, then Contribution Margin goes down. -- 25 August, 2008
