Od my werk PA7.5 (Algo) (Supplement 7B) Analyzing and interpreting the Effects of Inventory Errors [LO 7-52) Partial income statements for Sherwood Company samimated for a four year period show the following Net Sales 57, Cost Good Salt 30,00 39,450,000 1. 2,914,500 Gross Profit 51.445.00 $ 3.6. 51,656.000 $1,935,500 An audit revealed that in determining these amounts the ending inventory for 2019 was overstated by 523,800. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system Required: L. Restate the portial income statements to reflect the correct amounts actfon the riventory entor 2-a. Compute the gross profit percentage for each year before the correction and atter the contection 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Regt Red 2A Reg 20 Restate the partial income statements to reflect the correct amounts, alter Posing the inventory entot SHERWOOD COMPANY 4 Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory to 2-a. Compute the gross profit percentage for each year before the correction and after the correction 2-b. Do the results lend confidence to your corrected amounts? 25 points clock Complete this question by entering your answers in the tabs below. Print Reg 1 Reg 2A Req 20 Compute the gross profit percentage for each year () before the correction and (b) after the correction. Round your answers to the nearest whole percent.) 2020 2021 2018 % Before Correction Aftor Correction 2019 % % % 4 AGOROVO, NEW on December 31, 2020, was accurately stated. The company uses a periodic inventory system Required: 1. Restate the partial income statements to reflect the correct amounts, after fading the inventory not 2-0. Compute the gross profit percentage for each year () before the correction and after the correction 2-b. Do the results lend confidence to your corrected amounts? 25 points ebook Print Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 20 Do the results lend confidence to your corrected amounts? Oros ONO 4 Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory to 2-a. Compute the gross profit percentage for each year before the correction and after the correction 2-b. Do the results lend confidence to your corrected amounts? 25 points clock Complete this question by entering your answers in the tabs below. Print Reg 1 Reg 2A Req 20 Compute the gross profit percentage for each year () before the correction and (b) after the correction. Round your answers to the nearest whole percent.) 2020 2021 2018 % Before Correction Aftor Correction 2019 % % % 4 AGOROVO, NEW on December 31, 2020, was accurately stated. The company uses a periodic inventory system Required: 1. Restate the partial income statements to reflect the correct amounts, after fading the inventory not 2-0. Compute the gross profit percentage for each year () before the correction and after the correction 2-b. Do the results lend confidence to your corrected amounts? 25 points ebook Print Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 20 Do the results lend confidence to your corrected amounts? Oros ONO
