Response to the following problem:
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
|