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    Harvard university
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Category > Accounting Posted 20 Jun 2017 My Price 6.00

Question 17

Question 17
Smart Watch Company reported the following income statement data for a 2~year period. 2015 2017
Sales revenue $210,000 $260,000
Cost of goods sold
Beginning inventory 33,000 44,000
Cost of goods purchased 193,000 212,000
Cost of goods available for sale 226,000 255,000
Ending inventory 44,000 55,000
Cost of goods sold 182,000 201,000
Gross profit $28,000 $59,000 Smart uses a periodic inventory system. The inventories at January 1, 2015, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, was overstated $6,000.
V (3)
Prepare correct income statement data for the 2 years.
1016 2017
Sales Cost of goods sold Beginning inventory
Cost of goods purchased Cost of goods available for sale l l l
Ending inventory J [
Cost of goods sold ‘ Gross profit 3 Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER

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SuperTutor
(15)
Status NEW Posted 20 Jun 2017 01:06 AM My Price 6.00

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