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List of forums -> Questions and answers. Help. -> Prime Cost

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Topic:
  

Topic created : 24.04.2020, 09:44
rodfblanc
Winner of the Contest for Managers in the nomination The Standard of Virtonomics Three years with Virtonomics
l:
RTM Ltd.
 
Hi,
 
On my Income Statement I'm struggling to understand where the Prime Cost value (on the Calculation of Tax Payments section) comes from.
 
I'm a retailer and last week my product-related costs were:
 
Product Purchase: $29,633.00
Transport Cost: $103.00
Customs Duty: $9,522.00[/b]
 
In this case I thought that Prime Cost (or COGS?) would be the sum of the above (which = $39,258.00)
 
However on the Calculation of Tax Payments section, the Prime Cost comes as $19,650.00.
 
Could anyone help me understand how this is calculated? I'm happy to provide further data if needed.
 
Thanks in avance,
 
RTM
 
   

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24.04.2020, 17:45
simpathia
Nine years with Virtonomics Winner of the Contest for Managers in the nomination "Knowledge is power!"
Nine years with Virtonomics Winner of the Contest for Managers in the nomination Trade Turnover Winner of the Contest for Managers in the nomination The Standard of Virtonomics
m:
Simpathia Ltd.
 
If I may guess then I'd say you bought more products than you sold, twice as many actually.
The Prime Costs are calculated for each product you sold.
Does that fit the data? 
 

List of forums -> Questions and answers. Help.-> Prime Cost

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