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Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning...
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year...
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning inventory $ 120,000 $ 130,000 Cost of goods purchased 250,000 275,000 Cost of goods available for sale 370,000 405,000 Ending inventory 130,000 135,000 Cost of goods sold $ 240,000 $ 270,000 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,000 and 2) ending inventory at the end of Year 2 was...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is understated 3.retained earnings is understated. 4.working capital is understated. Wavy Inc. is a calendar-year corporation. Its financial statements for the years 2017 and 2016 contained errors as follows: 2017 2016 Ending Inventory $9,000 overstated $18,000 overstated Depreciation Expense $6,000 understated $13,500 overstated Assume that the proper correcting entries were made at December 31, 2016. By how much will 2017 income before taxes be overstated...
Exercise 6-10 Splish Brothers’s Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory...
Exercise 6-10 Splish Brothers’s Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory $ 23,500 $ 34,500 Cost of goods purchased 154,500 175,000 Cost of goods available for sale 178,000 209,500 Ending inventory 34,500 36,000 Cost of goods sold $143,500 $173,500 Splish Brothers’s made two errors: (1) 2019 ending inventory was overstated $3,300, and (2) 2020 ending inventory was understated $6,450. Compute the correct cost of goods sold for each year. 2019 2020 Cost of goods sold...
Exercise 6-16 Marigold Corp. reported cost of goods sold as follows. 2022 2021 Beginning inventory $...
Exercise 6-16
Marigold Corp. reported cost of goods sold as follows.
2022
2021
Beginning inventory
$ 29,180
$ 21,350
Cost of goods purchased
190,730
176,290
Cost of goods available for sale
219,910
197,640
Less: Ending inventory
37,500
29,180
Cost of goods sold
$182,410
$168,460
Marigold Corp. made two errors:
1.
2021 ending inventory was overstated by $1,890.
2.
2022 ending inventory was understated by $5,160.
Compute the correct cost of goods sold for each year.
2021
2022
The correct cost...
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018...
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018 2019 Beginning inventory $ 20,000 150,000 $30,000 175,000 Cost of goods purchased Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Cullumber's made two errors: (1) 2018 ending inventory was overstated $3,100, and (2) 2019 ending inventory was understated $6,100. Compute the correct cost of goods sold for each year, 2018 2019 Cost of goods...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable...
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable value 23,600 Cost of goods sold (before consideration of the lower-of-cost-and-net-realizable-value rule) 37,000 Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net realizable value rule? A) Cost of goods sold will be $37,400. B) Cost of goods sold will be $36,400. C) Cost of goods sold will be $37,000. D) Ending inventory will be $24,000. 78) Inventory at...
1. FIFO tends to increase cost of goods sold when: A. costs are constant B. costs...
1. FIFO tends to increase cost of goods sold when: A. costs are constant B. costs are declining C. costs are increasing D. FIFO will always yield the lowest possible cost of goods sold 2. Which of the following would be included in the Inventory account on a merchandising company's balance sheet? A. shipping costs from the manufacturer to the merchandising company B. sales commissions C. delivery costs D. advertising costs 3. If ending inventory on December 31, 2016, is...
QUESTION 2 An error in the physical count of goods on hand at the end of...
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
Exercise 6-16
Marigold Corp. reported cost of goods sold as follows.
2022
2021
Beginning inventory
$ 29,180
$ 21,350
Cost of goods purchased
190,730
176,290
Cost of goods available for sale
219,910
197,640
Less: Ending inventory
37,500
29,180
Cost of goods sold
$182,410
$168,460
Marigold Corp. made two errors:
1.
2021 ending inventory was overstated by $1,890.
2.
2022 ending inventory was understated by $5,160.
Compute the correct cost of goods sold for each year.
2021
2022
The correct cost...
Cullumber's Hardware uses the periodic inventory system and reported cost of goods sold as follows. 2018 2019 Beginning inventory $ 20,000 150,000 $30,000 175,000 Cost of goods purchased Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Cullumber's made two errors: (1) 2018 ending inventory was overstated $3,100, and (2) 2019 ending inventory was understated $6,100. Compute the correct cost of goods sold for each year, 2018 2019 Cost of goods...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
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