On November 1, 2019, Alpha Omega, Inc. sold merchandise for $10,000,FOB destination, with payment terms, n/30....
On November 1, 2019, Alpha Omega, Inc. sold merchandise for $10,000,FOB destination, with payment terms, n/30. The cost of goods sold was $3,000. On November 3, the customer returns on this sale amounted to$4,000.The company received the balance on November 9, 2019. Calculate the cost of goods sold from these transactions.
Homework Answers
Cost of goods sold in percentage = $3,000 / $10,000 = 0.30 or 30%
Net sales = $10,000 - $4,000 = $6,000
Cost of goods sold = $6,000 * 30% = $1,800
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