1. General formulas

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Last updated 12:36 AM on 7/18/26
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6 Terms

1
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Cost of goods sold

Beginning inventory + purchases - ending inventory.

2
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Cost of Goods available for sale

Beginning inventory + purchases

3
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Formula to compute % savings for purchase discount

% discount x (365 days / (days must be paid within - discount period))

Multiply by 100 to get percentage.

4
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Net sales revenue

Sales revenue - sales returns and allowances - sales discounts

5
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Gross profit

Net sales revenue - cost of goods sold

6
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Net receivables

Accounts receivable - Allowance for doubtful accounts - Allowance for sales returns