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Exercise 2: Net Sales, Cost of Goods Sold, and Gross Profit
The following data was taken from ledger account balances and supplementary data for the Kyle Company:
Merchandise inventory, beginning
300,000
Merchandise inventory, ending
345,000
Purchases
3,225,000
Purchase discounts
90,000
Purchase returns and allowances
45,000
asdbi
Sales
6,000,000
Sales discounts
48,000
slow
Sales returns and allowances
27,000
Freight-in
20,000
igien
Required: Show the computation, of (1) net sales, (2) cost of goods sold, and (3) gross profit for the year
ended December 31, 2021, in proper format.
​

Sagot :

marcangelocutabugara

Answer:

Kyle Company Profitability Analysis

1. Net Sales

Net sales represent the total revenue from sales after accounting for discounts, returns, and allowances. Here's the calculation:

Net Sales = Sales - Sales Discounts - Sales Returns and Allowances

Net Sales = $6,000,000 - $48,000 - $27,000

Net Sales = $5,925,000

2. Cost of Goods Sold (COGS)

COGS represent the direct costs associated with the goods sold during the year. We need to consider the beginning inventory, purchases, purchase adjustments, and ending inventory.

First, calculate the net purchases:

Net Purchases = Purchases - Purchase Discounts - Purchase Returns and Allowances

Net Purchases = $3,225,000 - $90,000 - $45,000

Net Purchases = $3,090,000

Now, apply the cost of goods sold formula:

COGS = Beginning Inventory + Net Purchases - Ending Inventory

COGS = $300,000 + $3,090,000 - $345,000

COGS = $3,045,000

3. Gross Profit

Gross profit represents the profit earned after deducting the direct cost of producing or acquiring the goods sold. Here's the calculation:

Gross Profit = Net Sales - COGS

Gross Profit = $5,925,000 - $3,045,000

Gross Profit = $2,880,000

Therefore:

Net Sales: $5,925,000

Cost of Goods Sold: $3,045,000

Gross Profit: $2,880,000

Step-by-step explanation:

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