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Prepare correct income statement data...
What is the cumulative effect of the inventory error on total gross profit for the 2...
What is the cumulative effect of the inventory error on total gross profit for the 2 years? (If answer is zero please enter 0, do not leave any field blank.) Total gross profit for the two years $ Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 Cost of goods purchased 197,960 169,540 Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200 48.800 36.600 246,440 211,060 Beginning inventory Cost of goods purchased Cost of goods available for sale 295,240 247,660 Ending inventory Cost of goods sold 61,000 234,240 $70,760 48,800 198.860 $57,340 Gross profit Maria uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4.880. Prepare correct...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning in...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Don't know what I am doing wrong and where. Thanks for the help. Required information (The...
Don't know what I am doing wrong and where. Thanks for the
help.
Required information (The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales 2022 $230,000 2021 $193.200 36.800 27.600 185 140 159 160 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 222 640 186.760 46,000 36.800 Gross prota 176,640 553.360 149.960 $43.240 Donna uses a periodic inventory system. The inventorestuary 1, 2021 and December 31, 2022. are correct. Howeve tory at December 31, 2021 soverstated by $1650...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600 Beginning inventory 38,400 28,800 Cost of goods purchased 193,920 166,080 Cost of goods available for sale 232,320 194,880 Ending inventory 48,000 38,400 Cost of goods sold 184,320 156,480 Gross profit $55,680 $45,120 Debra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,840. Prepare correct...
Prepare an income statement and the current assets section of the balance sheet for Case 1....
Prepare an income statement and the current assets section of
the balance sheet for Case 1. Assume that in Case 1 the other items
in the current assets section are as follows: Cash $ 4,000 ,
Receivables (net) $ 15,000 , Raw Materials $ 600 , and Prepaid
Expenses $ 400
case 1 data:
income statement blanks:
partial balance sheet blanks:
Direct materials used Direct labor Manufacturing overhead Total manufacturing costs $9,600 5,000 8,000 22600 1,000 Beginning work in process...
I got the FIFO correct, but keep getting the wrong numbers for LIFO and Average-Cost. Rounding...
I got the FIFO correct, but keep getting the wrong numbers for
LIFO and Average-Cost. Rounding errors? Idk, please help.
Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $1,495 Sept. 12 Purchases 118 5,310 Sept. 19 Purchases 5,831 Sept. 26 Purchases 3,000 Totals...
What is the cumulative effect of the inventory error on total gross profit for the 2 years? (If answer is zero please enter 0, do not leave any field blank.) Total gross profit for the two years $ Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 Cost of goods purchased 197,960 169,540 Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200 48.800 36.600 246,440 211,060 Beginning inventory Cost of goods purchased Cost of goods available for sale 295,240 247,660 Ending inventory Cost of goods sold 61,000 234,240 $70,760 48,800 198.860 $57,340 Gross profit Maria uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4.880. Prepare correct...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Don't know what I am doing wrong and where. Thanks for the
help.
Required information (The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales 2022 $230,000 2021 $193.200 36.800 27.600 185 140 159 160 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 222 640 186.760 46,000 36.800 Gross prota 176,640 553.360 149.960 $43.240 Donna uses a periodic inventory system. The inventorestuary 1, 2021 and December 31, 2022. are correct. Howeve tory at December 31, 2021 soverstated by $1650...
Prepare an income statement and the current assets section of
the balance sheet for Case 1. Assume that in Case 1 the other items
in the current assets section are as follows: Cash $ 4,000 ,
Receivables (net) $ 15,000 , Raw Materials $ 600 , and Prepaid
Expenses $ 400
case 1 data:
income statement blanks:
partial balance sheet blanks:
Direct materials used Direct labor Manufacturing overhead Total manufacturing costs $9,600 5,000 8,000 22600 1,000 Beginning work in process...
I got the FIFO correct, but keep getting the wrong numbers for
LIFO and Average-Cost. Rounding errors? Idk, please help.
Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $1,495 Sept. 12 Purchases 118 5,310 Sept. 19 Purchases 5,831 Sept. 26 Purchases 3,000 Totals...
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