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please this is the B part of the same question Bridgeport Inc. reported the following partial statement of income data for the years ended December
please this is the B part of the same question
Bridgeport Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020: 2021 Sales Cost of goods sold Gross profit $275,000 206,000 69,000 2020 $244,000 192,272 51,728 The company reported inventory in the statement of financial position at $41,900, $50,100, and $46,800 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at December 31, 2020, is understated by $7,564. Prepare correct statements of income for 2020 and 2021 through to gross profit. 2021 2020 Sales $ $ Cost of goods sold Gross profit $ $ (b) What is the cumulative effect of the inventory error on total gross profit for these two years? Cumulative effect of the inventory error on total gross profit $ e Textbook and MediaStep by Step Solution
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