ELEMENTARY CALCULATIONS EXAM
SCRIPT COMPREHENSIVE STUDY GUIDE
QUESTIONS WITH ACCURATE SOLUTIONS
●● What is the formula for Cost of Goods Available for Sale (COGAS)?
Answer: Beginning Inventory + Purchases
●● What is the formula for Cost of Goods Sold (COGS) using
inventory?
Answer: Beginning Inventory + Purchases − Ending Inventory
●● How do you find Ending Inventory?
Answer: COGAS − COGS
●● What is the formula for Gross Profit?
Answer: Sales Revenue − COGS
●● What is the formula for Net Income?
Answer: Revenue − Expenses
●● What is the formula for Ending Retained Earnings?