How to calculate the sales revenue?

How to calculate sales revenue, costs of goods sold, and ending inventory?

• This is a homework question of mine for my financial accounting class, and I am having a lot of trouble with it. I do not know how to find these calculations. If you could not only provide the answers to this question, but also explain how you got them, I would very much appreciate it. Here's everything you need to know in order to find the calculations: Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won’t damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2013. All watches are sold for $308 each. Jul. 17 Purchased 56 watches for $7,952 ($142 per watch) on account. Jul. 31 Sold 42 watches for $12,936 cash. Aug. 12 Purchased 42 watches for $6,342 ($151 per watch) cash. Aug. 22 Sold 27 watches for $8,316 on account. Sep. 19 Paid for watches ordered on July 17. Sep 27 Received full payment for watches sold on account on August 22. Oct. 27 Purchased 89 watches for $14,507 ($163 per watch) cash. Nov. 20 Sold 108 watches for $33,264 cash. Dec. 4 Purchased 90 watches for $16,020 ($178 per watch) cash. Dec. 8 Sold 45 watches for $13,860 on account. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2013, assuming Suzie uses FIFO to account for inventory. (Omit the "$" sign in your response.) Sales Revenue ($): Cost Of Goods Sold ($): Ending Inventory ($):

• Answer:

  Sales revenue is equal to Total Gross sales less discounts. Cost of Goods sold is Opening stock plus Purchases less closing stock. Ending inventory is the physically counted stock at the end of the accounting period.