Question
1. The following data are for the Bi-Star Technologies for the year ended December 31, 2011: Beginning inventory = $325,000 Net purchases = $945,000 Net
1. The following data are for the Bi-Star Technologies for the year ended December 31, 2011:
Beginning inventory = $325,000
Net purchases = $945,000 Net sales revenue = $2,100,000
Normal gross profit percentage = 40%
What is the estimated ending inventory?
2. Ending inventory for the year ended December 31, 2020, is understated by $10,000. How will this affect net income for 2021?
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, George Foster, Srikant M. Datar
9th Edition
0306457229, 978-0306457227
