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Mike's Custom Furniture, Inc_, reported the following comparative income statements for the years ended April 30, 2018, and April 30, 2017. @ (Click the icon
Mike's Custom Furniture, Inc_, reported the following comparative income statements for the years ended April 30, 2018, and April 30, 2017. @ (Click the icon to view the comparative income statements.) During 2018, Mike's Custom Furniture, Inc., discovered that the 2017 ending inventory, as previously reported, was overstated by $1,900. Read the requirements. Requirement 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. Mike's Custom Furniture, Inc. Comparative Income Statements For the Years Ended April 30, 2018 and 2017 2018 2017 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Data table Mike's Custom Furniture, Inc. Comparative Income Statements For the Years Ended April 30, 2018 and 2017 2018 2017 $ Sales revenue 163,000 Cost of goods sold: Beginning inventory 5 13,600 Net purchases 106,300 Cost of goods available for sale 119,900 Ending inventory 18,500 Cost of goods sold 101,400 92,600 25,700 Gross profit Operating expenses 5 66,800 $ 58,600 Net income D B
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