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11.3 Cost of Sales vs Cost of Goods Sold
1.
11.3 COST OF SALES
V COST OF GOODS SOLD
2.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Supplier Business Customer All expenses incurred in acquiring stock and getting it ready for sale. Cost of Goods Sold All costs involved in getting stock from store to the customer Other Expenses 11.3 COST OF SALES V COST OF GOODS SOLD
3.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use There is a difference between Cost of Sales and Cost of Goods Sold: 11.3 COST OF SALES V COST OF GOODS SOLD Cost of Goods SoldCost of Sales The cost price of stock purchased from suppliers All expenses incurred in purchasing stock from suppliers and getting it ready for sale. Includes: Cost of Sales Cartage inwards Packaging costs Buying expenses Customs duty
4.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Cost of Goods Sold All expenses incurred in acquiring stock and getting it ready for sale. Includes: Cost of Sales – cost price paid for stock Cartage inwards – delivery costs incurred in getting stock into the business Packaging costs – costs of packaging stock on its way into the store Buying expenses – costs associated with buying stock Customs duty – for stock bought from overseas 11.3 COST OF SALES V COST OF GOODS SOLD
5.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Supplier Business Customer Cost of Goods Sold Other Expenses Cartage inwards Cartage outwards Cartage inwards Cartage outwards 11.3 COST OF SALES V COST OF GOODS SOLD
6.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Supplier Business Customer 11.3 COST OF SALES V COST OF GOODS SOLD Cost of Goods Sold Other Expenses • Cost of sales • Cartage in • Packaging • Buying expenses • Customs • Cartage out • Carry bags • Advertising • Vehicle expenses • Etc.
7.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Gross Profit Is the profit from selling stock Revenue Cost of Goods Sold Gross Profit - = Supplier Business Customer 54000 90000 90000 54000 36000 11.3 COST OF SALES V COST OF GOODS SOLD
8.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Gross Profit Must be adequate to cover the firm’s Other Expenses… Revenue Cost of Goods Sold Gross Profit Stock Gain or Stock Loss Adjusted Gross Profit Other Expenses Net Profit - + or - = = - = 90,000 47,000 43,000 28,000 15,000 90,000 47,000 43,000 58,000 (15,000) 11.3 COST OF SALES V COST OF GOODS SOLD Firm A Firm B
9.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ5 X SQ6 X Ex11.4 X Ex11.5 X
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