Question
In: Accounting
FIllmore Company began operations on Sept. 1 by purchasing$6,000 of inventory and $600 of cleaning...
FIllmore Company began operations on Sept. 1 by purchasing $6,000 of inventory and $600 of cleaning supplies. During the month, the company generated $7,500 of sales revenue. On Sept. 30, the company had $2,100 of inventory remaining, along with $400 of cleaning supplies. What was FIllmore Company's gross profit for the month of September?Note 3,400 is wrong somehow!
Solutions
Expert Solution
Purchases = $6,000
Ending inventory = $2,100
Cost of goods sold= Purchases- Ending inventory
= 6,000-2,100
= $3,900
Sales = $7,500
Gross profit = Sales - Cost of goods sold
= 7,500-3,900
= $3,600
FIllmore Company's gross profit for the month of September is $3,600.
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