A little bit confused, does that make "finished goods inventory" same as "Cost of good manufactured"? am I correct? FGInventory(left over from last year) adding + COGM(What was made this year)= GoodAvailable for sale
No. If I make $1000 worth of cupcakes during the year, and sell $990 of cupcakes. My Cost of goods manufactured is $1000 My Cost of goods sold is 990 and my finished goods inventory is 10!
Hey Tony! First of all, your videos help a lot for a better understanding of MA, thanks a lot! I may have missed something, but I don't understand why, or where from the Total Selling and Admin Expenses you've deducted 16K to get the Income before Taxes in the Income Statement?
Yh took a minute to get my head around. Your referring to the 16k deduction from 538,000 to 522,000. He subtracted the selling & administrative total 538,000 from gross profit 1060,000. 1060,000 - 538,000 = 522,000. But by considering how late it took for you to get the response you were looking for, I’m sure you should be the one teaching me now.
A little bit confused, does that make "finished goods inventory" same as "Cost of good manufactured"? am I correct? FGInventory(left over from last year) adding + COGM(What was made this year)= GoodAvailable for sale
No. If I make $1000 worth of cupcakes during the year, and sell $990 of cupcakes.
My Cost of goods manufactured is $1000
My Cost of goods sold is 990
and my finished goods inventory is 10!
Hey Tony! First of all, your videos help a lot for a better understanding of MA, thanks a lot! I may have missed something, but I don't understand why, or where from the Total Selling and Admin Expenses you've deducted 16K to get the Income before Taxes in the Income Statement?
Sorry I don't see the 16k deduction you're talking about.
Income before tax was $522000 he deduct 20%tax from it(104400) to get to net income $417600
Yh took a minute to get my head around. Your referring to the 16k deduction from 538,000 to 522,000. He subtracted the selling & administrative total 538,000 from gross profit 1060,000. 1060,000 - 538,000 = 522,000. But by considering how late it took for you to get the response you were looking for, I’m sure you should be the one teaching me now.
you're the angel my beloved god !!!!
well done i got this thank you Mr. Tony
Thanks so much