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 Cgs Credit Balance Report  Form 2002

2002-2025 Form

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Instructions and help about Cgs Credit Balance Report Form

hi so in this video we are going to do the income statement but first of all in this video we're just going to focus on the cost of goods sold and how to calculate it so the cost of goods sold is what you actually need to calculate your gross profit and in turn your net income so first of all when you do your income statement you always start off with your sales so in this case our sales are 1535 000. and now we need to in order to get to our gross profit we need to calculate what our cost of goods sold is so we will have your sales list your cost of goods sold and to get the cost of goods also when you're selling an item you sell it at a certain price so for the cost of goods so we just want to find out how much did it actually cost for us to make the sales or to make um the the products that we are selling off so less your cost of goods sold is your opening inventory or your opening stock meaning the stock that you have at the beginning of the year that have not been

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