Question

explajn to me how to do costs of goods available for sale?

HEWrn. Und S 1pt 7 of 7 (3 complete) P16-40B (similar to) Che ne to owns Charte's Pets, a small retail shop selling pet supplies On December 31, 2018, the accounting records of Charlie's Pets showed the following (Cick the cor to view the accounting records) ne requirements 15.300 21.000 Beginning Merchandise Inventory Purchases of Merchandise Inventory Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Choose from or enter any number the routes and then check Answer

Answer 1

Cost of Goods available for sale =

Beginning inventory + Purchase of inventory

	Income Statement
	Net Sales Revenue					$ 51,000.00
Less:	Cost of Goods sold
	Beginning inventory				$ 15,300.00
	Add:	Purchase of Inventory			$ 21,000.00
	Cost of Goods available for sale				$ 36,300.00
	Less:	Ending inventory			$ 10,900.00
	Cost of Goods sold					$ 25,400.00
	Gross Margin					$ 25,600.00
	Selling and Administrative Expenses
	Utilities Expense				$   3,900.00
	Rent				$   4,600.00
	Sales Commissions				$   2,550.00
	Total Selling and Administrative Expenses					$ 11,050.00
	Net Income					$ 14,550.00