Homework Answers
a)
Income statements
| 2021 | 2022 | |
| Sales | 222,600 | 265,000 |
| Cost of goods sold: | ||
| Beginning inventory | 31,800 | 38,160 |
| Cost of goods purchased | 183,380 | 214,120 |
| Cost of goods available for sale | 215,180 | 252,280 |
| Ending inventory | 38,160 | 53,000 |
| Cost of goods sold | 177,020 | 199,280 |
| Gross profit | $45,580 | $65,720 |
Cumulative effect of inventory error on the Total gross profit of the two years = $0
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Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning in...
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...
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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...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600...
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Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales...
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Rulix Watch Company reported the following income statement data for a 2-year period. 2018 2019 Sales...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $211,500 $257,000 Cost of goods sold Beginning inventory 35,000 44,000 Cost of goods purchased 192,500 216,000 Cost of goods available for sale 227,500 260,000 Ending inventory 44,000 54,500 Cost of goods sold 183,500 205,500 Gross profit $28,000 $51,500 Splish Brothers Inc. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013...
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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...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost of goods sold: Beginning inventory $ 141,000 Cost of goods purchased 279,000 Cost of goods available for sale 420,000 Ending inventory 150,000 Cost of goods sold 270,000 Gross profit $ 146,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $26,000. Given this information, the correct gross profit would be:
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...
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...
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...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013 2014 Sales revenue $211,760 $250,470 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 34,510 173,520 208,030 44,100 163,930 44,100 217,220 261,320 52,830 208,490 $47,830$41,980 Cost of goods sold Gross profit Horner uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December...
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...
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