4. Partial income statements for Sherwood Company summarized for a four year period show the following 25 point Net Sales Cost of Goods Sold Gross Profit 2015 $1,400,000 1,06400 $316, 2016 2017 2018 51, seo, se 55.900,0 $2,400,000 1150 1.463 1824 $450,000 $417,576,00 500 Anaud revealed that in determining these amounts, the ending inventory for 2016 was overstated by $14.000 The Inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system Required: Pri 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error 2-. Compute the gross profit percentage for each year() before the correction and after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Reg! Fed 2A Reg 28 Restate the partial income statements to reflect the correct amounts, after fing the inventory error SHERWOOD COMPANY Income Statements (Corrected 2016 2017 2015 2015 Ne Sales Cost of Goods Sold Gross Profit Reg 2 > er 7 Homework 4 Net Sales Cost of Goods Sold Gross Profit 2015 31,400,000 1.064 $ 336,000 2016 $1,500,000 1,350,000 $ 450,000 2017 $1,900,000 1.465,00 $ 437,000 2011 52,660,00 124.000 5576,600 An audit revealed that in determining these amounts the ending Inventory for 2016 was overstated by $14.000. The inventory balance on December 31, 2017 was accurately stated. The company uses a periodic inventory system Required: Book 1. Restate the partial income statements to reflect the correct amounts after fixing the inventory errot 2-. Compute the gross profit percentage for each year (a) before the correction and after the correction 2.b. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Print Complete this question by entering your answers in the tabs below. Reg 20 1 Reg 2A Compute the gross prolt percentage for each year (a) before the correction and (b) her the correction (Round your an to the nearest whole percent) 2015 2016 2010 2017 Before Correction Alle Correction Homework Partial income statements for Sherwood Company summarized for a four-year period show the follow Net Sales Cost of Goods Sold Gross Profit 2015 $1,400, eee 1,864,000 $ 336,000 2016 $1,800,000 1,350,000 $ 450,000 2017 $1,980,000 1,463 Bee $ 437,000 2018 $2,400, eee 1,824, 800 $ 576,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated b on December 31, 2017. was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory err 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the corr 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Does the pattern of gross profit percentages lend confidence to your corrected amounts? Ores ONO
