Brief Exercise 6-33 (Algorithmic)
Applying the Cost of Goods Sold Model
Milton Company reported inventory of $110,000 at the beginning of 2013. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $44,000.
1. What was Milton's cost of goods sold for 2013?
2. What is Milton's gross margin for the year?
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Cost of goods sold : COGS is the cost incurred in the production of goods. It includes the cost of material, labor and... View the full answer