Pixy, Inc., overlooked $125,000 of inventory at the end of the current year because it was stored

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Pixy, Inc., overlooked $125,000 of inventory at the end of the current year because it was stored temporarily in a warehouse owned by another company. Before discovering this error, the company’s income statement showed the following.

Restate these figures to reflect the inclusion of the overlooked inventory.

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Financial And Managerial Accounting The Basis For Business Decisions

ISBN: 9781260247930

19th Edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Question Posted: Jun 16, 2022 01:09 AM

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Pixy, Inc., overlooked $125,000 of inventory at the end of the current year because it was stored

Question:

Sales ... Cost of goods sold. Gross profit. ... $990,000 (560,000) $430,000

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Sales990000 Cost of ...View the full answer

Financial And Managerial Accounting The Basis For Business Decisions

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