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Category > Accounting Posted 25 Sep 2017 My Price 8.00

Pellegrino Watch Company

Pellegrino Watch Company reported the following income statement data for a 2-year period.

 

2011

2012

Sales revenue

$210,000

$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

$ 49,000

$ 56,000

Pellegrino uses a periodic inventory system. The inventories at January 1, 2011, and December 31, 2012, are correct. However, the ending inventory at December 31, 2011, was overstated $5,000.

Instructions

(a) Prepare correct income statement data for the 2 years.

(b) What is the cumulative effect of the inventory error on total gross profit for the 2 years?

(c) Explain in a letter to the president of Pellegrino Company what has happened— i.e., the nature of the error and its effect on the financial statements.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 8.00

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