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Merc Formula
Parson - Merchandising Income Statement Formulas
Question | Answer |
---|---|
Net Sales - Sales Discounts - Sales Returns & Allowance | Net Sales |
Purchases + Transportation In | Cost of Merchandise Delivered |
Purchases + Transportation In - Purchases discounts - Purchase Returns & Allowances | Net Purchases |
Beginning Inventory + Net Purchases | Cost of Merchandise Available for Sale |
Beginning Inventory + Net Purchases - Ending Inventory | Cost of Merchandise Sold |
Net Sales - Cost of Merchandise Sold | Gross Profit |
Gross Profit - Other Expenses | Net Income or Loss |
Cost of Merchandise Available for Sale - Ending Inventory | Cost of Merchandise Sold |
Cost of Merchandise Delivered - Purchase Discounts - Purchase Returns & Allowance | Net Purchases |