Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Accounting And Auditing Forms

Authors: Wendell

1st Edition

0882621769, 978-0882621760

More Books

Students also viewed these Accounting questions

Question

=+3. What are two common physical settings for research?

Answered: 1 week ago

Question

Explain the causes of indiscipline.

Answered: 1 week ago

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Does it avoid using personal pronouns (such as I and me)?

Answered: 1 week ago

Question

Does it clearly identify what you have done and accomplished?

Answered: 1 week ago