Calculate COGS and Gross Profit: Sales, Inventory, and Expenses

School: Toronto Metropolitan University - Course: BUISSNESS BBI2O - Subject: Accounting

COGS and I/S Exercise 3 For each of the following, calculate the COGS and the gross profit: SalesBeginning InventoryPurchasesEnding InventoryCOGS 1125,00032,00074,25033,50072,750 2750,58585,600410,36088,300407,660 3288,63565,550110,35760,548115,359 4174,00033,80082,64033,500 82,940 5255,32448,500150,65050,300 Below is a simple trial balance and the ending inventory amount for London retailers at the end of June 30 Ending inventory is $10,000.Calcualte the COGS.Then create an income statement using the I/S templat London Retailers Trial Balance June 30, 2020 AccountsDRCR Bank3,000 Accounts Receivable29,350 Merchandise Inventory24,500 Supplies1,250 Automobile17,500 Accumulated Depreciation - Automobile3,500 Equipment35,000 Accumulated Depreciation - Equipment6,000 Accounts Payable7,222 T. Wilkes, Capital70,028 T. Wilkes, Drawings5,000 Sales55,325 Purchases18,575 Advertising Expense500 Car Expense750 Rent Expense1,000 Utilities Expense900 Wages Expense4,750 Total142,075142,075

Gross Profit 52,250 342,925 173,276 91,060 106,474