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- There are two possible formulas for purchases in accounting, depending on the context12:
- Inventory purchases1: This is the amount of inventory bought during a period. The formula is: (Ending inventory - Beginning inventory) + Cost of goods sold = Inventory purchases
- Net purchases2: This is the amount of purchases made less any discounts received, goods returned, allowances, and tax. The formula is: Net Purchases= Gross Purchases – Purchased Returns – Allowances – Discounts.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The calculation of inventory purchases is: (Ending inventory - Beginning inventory) + Cost of goods sold = Inventory purchases Thus, the steps needed to derive the amount of inventory purchases are: Obtain the total valuation of beginning inventory, ending inventory, and the cost of goods sold. Subtract beginning inventory from ending inventory.www.accountingtools.com/articles/how-to-calculat…Financial Accounting Net purchases, in accounting, mean the total amount of purchases made less any discounts received, goods returned, allowances, and tax. This is the formula: Net Purchases= Gross Purchases – Purchased Returns – Allowances – Discounts.www.wikiaccounting.com/net-purchases-in-account… - People also ask
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