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At the beginning of 20C, Bay inc. reports inventory of $6,000. During 20 C the...

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Accounting

At the beginning of 20C, Bay inc. reports inventory of $6,000. During 20 C the company purchases additional inventory for $29,000 at the end of 20C the cost of inventory remaining is $8,000. The company sales revenue for the year was $45,000 and they had $500 of sales discounts.

calculate net sales:

calculate goods available for sale:

calculate cost of goods sold:

calculate gross profit:

(AKA , Gross profit margin)

Gross profit ratio= Gross profit

X100=GP% Net sales

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