What Information do I need to find Cost of sales?

Sales		$                1,743,419.02
Cost of Goods Sold		$                 1,309,505.55
Gross Margin		$                    433,913.47
Selling and Administrative Expenses
Salaries		$                    245,877.50
Vehicle and Travel		$                      21,197.83
Advertising		$                                     -
Legal and Audit		$                         8,542.10
Telephone and postage		$                     18,030.85
Office		$                      10,388.56
Interest and bank charges		$                      10,325.69
Dues, fees and capital tax		$                         5,525.45
Donations		$                            576.92
Bad Debts		$                      24,328.24
Amortization - office equipment		$                         4,339.10
Amortization - vehicles		$                         9,249.04
Misc. Expenses		$                                     -
Cost of Sales		$                      75,532.19

Sales – 1,743,419.02

Purchases 539,633.45

Wages 503,002.96

WIP inventory 6,203.94

Duty & Brokerage 3,869.85

Freight 27,749.14

Heat & light 18,012.57

Factory repairs 40,888.34

Insurance 15,966.93

Municipal taxes 20,033.82

Union dues 16,673.86

Canada pension plan 11,611.57

Worker’s compensation 26,780.16

Employer health tax 38,651.75

Amortization – production equipment 32,118.72

Amortization – building 8,308.49

Salaries 245,877.50

Gasoline 21,197.83

Advertising 0

Legal 8,542.10

Telephone 18,030.85

Mortgage interest 8,633.52

Office 10,388.56

Bank charges 1,692.17

Due & fees 5,525.45

Donations 576.92

Bad debts 24,328.24

Amortization – office 4,339.10

Amortization – corporate fleet 9,249.04

Rent -3,301.05

Income tax provision – current 26,333.24

Answer rating: 100% (QA)

Solution The formula for finding the cost of sales i... View the full answer