Sheet1 Cost of Goods Sold For Hypothetical Lassiter Inc., FYE 12/31/20X5 Merchandise Inventory (Opening) Add: Purchases Less: Returns and Allowances Sub total Add: Direct Expenses Sub total Cost of Goods Available for Sale Less: Merchandise Inventory (Closing)
85,000.00 10,000.00 1,000.00 9,000.00 36,500.00 45,500.00 39,500.00 26,000.00
Cost of Goods Sold:
13,500.00 *
* Amount used in Income Statement COGS = Opening Inventory + Purchases + Direct Expenses – Closing Inventory
Income Statement for Hypothetical Lassiter Inc. FYE 12/31/20X5 Net Sales Less: COGS Gross Margin Less: Sales & Mktg. Less: Research & Development Less: General & Admin Expenses Operating Expenses Income from Operations ADD: Interest Income EBT Less: Taxes (35% of EBT) Net Income
1,500,000.00 13,500.00 * From COGS 1,486,500.00 Schedule 2,500.00 16,000.00 39,000.00 55,024.00 1,431,476.00 10,000.00 1,441,476.00 504,516.60 936,959.40
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