preare income statement

calculate incorrect and correct inventory turnover for 2020 and 2021

Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Crane Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $325,000 $350,000 Cost of goods sold 244,000 228,000 265,000 Operating expenses 76,000 76,000 76,000 Balance sheet: Merchandise inventory 56,000 45,000 35,000 After its July 31, 2021, year end, Crane discovered two errors: 1. At July 31, 2020, Crane had $10,000 of goods held on consignment at another company that wer 2. In July 2020, Crane recorded a $15,000 inventory purchase on account that should have been re Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Crane Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $325,000 $350,000 244,000 265,000 Cost of goods sold Operating expenses 228,000 76,000 76,000 76,000 Balance sheet: Merchandise inventory 56,000 45,000 35,000 After its July 31, 2021, year end, Crane discovered two errors: 000 of goods held on consignment at another company that were not included in the physical count. 15,000 inventory purchase on account that should have been recorded in August 2020. A tA Prepare corrected income statements for Crane for the years ended July 31, 2019, 2020, and 2021 CRANE COMPANY Income Statement Year Ended July 31 2021 2020 2019 |$ $ $ $ $ Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.) 2020 2021 Incorrect inventory turnover times tir Correct inventory turnover times tir