Bramble Corp.reported these income statement data for a 2-year period. 2022 2021 Sales revenue $256,200 $223.560...

Transcribed Image Text:

Bramble Corp.reported these income statement data for a 2-year period. 2022 2021 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, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, is overstated by $7.670. (a) Your answer is correct. Prepare correct income statement data for the 2 years. Sales Cost of goods sold 2021 223560 $ 2022 256200 Bramble Corp.reported these income statement data for a 2-year period. 2022 2021 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, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, is overstated by $7.670. (a) Your answer is correct. Prepare correct income statement data for the 2 years. Sales Cost of goods sold 2021 223560 $ 2022 256200