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Kimberly Company reported these income statement data for a 2-year period. 2022 2021 Sales $260,000 $218,400 Beginning inventory 41,600 31,200 210,080 179,920 Cost of goods
Kimberly Company reported these income statement data for a 2-year period. 2022 2021 Sales $260,000 $218,400 Beginning inventory 41,600 31,200 210,080 179,920 Cost of goods purchased Cost of goods available for sale 251,680 211,120 Ending inventory 52,000 41,600 Cost of goods sold 199,680 169,520 Gross profit $60,320 $48.880 Kimberly 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 $4,160. Prepare correct income statement data for the 2 years. 2021 2022 Sales Cost of Goods Sold Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale Cost of Goods Available for sale C Ending Inventory Cost of Goods Sold Gross Profit T_LIMAH
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