Question
Bramble Corp. reported these income statement data for a 2-year period. 2017 2016 Sales revenue $256,200 $223,560 Beginning inventory 39,930 33,610 Cost of goods purchased
Bramble Corp. reported these income statement data for a 2-year period.
2017 | 2016 | |||
---|---|---|---|---|
Sales revenue | $256,200 | $223,560 | ||
Beginning inventory | 39,930 | 33,610 | ||
Cost of goods purchased | 212,930 | 173,260 | ||
Cost of goods available for sale | 252,860 | 206,870 | ||
Less: Ending inventory | 57,060 | 39,930 | ||
Cost of goods sold | 195,800 | 166,940 | ||
Gross profit | $60,400 | $56,620 |
Bramble Corp. uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7,670.
Prepare correct income statement data for the 2 years.
2016 | 2017 | ||||
---|---|---|---|---|---|
Sales | $enter a dollar amount | $enter a dollar amount | |||
Cost of goods sold | |||||
Beginning inventory | enter a dollar amount | enter a dollar amount | |||
Cost of goods purchased | enter a dollar amount | enter a dollar amount | |||
Cost of goods available for sale | enter a dollar amount | enter a dollar amount | |||
Less: | Ending inventory | enter a dollar amount | enter a dollar amount | ||
Cost of goods sold | enter a dollar amount | enter a dollar amount | |||
Gross profit | $enter a dollar amount | $enter a dollar amount |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started