by chapters, not a tossed salad of questions

by chapters, not a tossed salad of questions. What classifies you as a merchandiser? If I give you net sales, and Gross Profit, can you back into what COGS is? Sales - COGS = Gross Profit. Please know this formula: Beginning Inventory + Purchases = Goods available for sale - Ending Inventory = COGS. That's all I'm going to say. What is the formula for Gross Margin Ratio? Look it up and then just plug and play to get the answer. What does 2/10, N/ 30 mean? If you buy something from me at $200 each, and I give you a 20% discount on the item, and then charge you $5 for shipping, what is the total cost per item? Did you come up with $165? 200 X.80 + 5 = 165. See how that works? You buy $100 of merchandise. 2 days later you return $20. I give you terms of 2/10, N/30. You pay within 10 days. How much do you pay? Do you remember how to get to Net Sales? Remember that you take Gross sales - sales discounts, - sales returns & allowances = Net sales. Current ratio is current assets over current liabilities, but what is the formula for the Acid Test Ratio? We don't use current assets here. Damaged and obsolete goods are reduced to what? 3 words from chapter 6. Which of the FOB's would you use if you the buyer takes ownership while the goods are in transit? What are goods on consignment? What are all the cost that can go into your inventory? The better question is, what is NOT included in your inventory amount?