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HOW do I find Beginning inventory ?? Jaguar Tile & Marble Corporation reported the following comparative income statements for the years ended April 30, 2018,
HOW do I find Beginning inventory ??
Jaguar Tile & Marble Corporation reported the following comparative income statements for the years ended April 30, 2018, and 2017: (Click the icon to view the comparative income statement.) Jaguar's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $6,000. Read the requirement. Prepare the corrected comparative income statement for the 2-year period. Jaguar Tile & Marble Corporation Income Statements (Corrected) Years Ended April 30, 2018 and 2017 2018 2017 Sales revenue 136000 119000 10,500 Cost of goods sold: Beginning inventory Net purchases Cost of goods available 76,000 67,000 Ending inventory > . Data table Jaguar Tile & Marble Corporation Income Statements For the Years Ended April 30, 2018 and 2017 2018 2017 Sales revenue $ 136,000 $ 119,000 $ 12,000 76,000 $ 10,500 67,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold 88,000 (16,000) 77,500 (12,000) 72,000 65,500 Print DoneStep by Step Solution
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