To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract
Question
To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract
Solution
operating expenses. Here are the steps:
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Start with Net Sales: This is the total amount of sales generated by a business, minus any returns or refunds.
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Subtract Cost of Goods Sold (COGS): This is the total cost of all the goods sold by the business. It includes the cost of materials and direct labor used to produce the goods.
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Subtract Operating Expenses: These are the costs associated with running the business, such as rent, utilities, and salaries.
The result of these calculations will give you the Net Income of the business. This is the profit made by the business after all costs and expenses have been deducted from the total sales.
Similar Questions
Beginning inventory plus net purchases is:Multiple ChoiceCost of goods sold.Merchandise available for sale.Ending inventory.Sales.Shown on the balance sheet.
Sales revenue less cost of goods sold is calledSelect answer from the options belowmarginal income.gross profit.net profit.net income.
If sales = $455,000, purchases = $225,000, beginning inventory = $150,000 and ending inventory = $118,000, gross profit is:$198,000$230,000$75,000$257,000
Product costs are initially accounted for as inventory and ultimately transferred to the (balance sheet/income statement) when the product is .
How do you calculate the revenue in the business? Choose two answers.Answer instructionsProfitPrice of the productNumber of customers
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