Compute Cost of Goods Sold for a merchandiser
Given the following information for Circuits Plus, an electronics e –tailer, compute the cost of goods sold.
|
Web site maintenance |
$ 7,000 |
|
Delivery expenses |
1,000 |
|
Freight in |
3,000 |
|
Import duties |
1,000 |
|
Purchases |
40,000 |
|
Ending inventory |
5,500 |
|
Revenues |
60,000 |
|
Marketing expenses |
10,000 |
|
Beginning inventory |
3,500 |