Question 1 [12 points]

While performing a detailed review of its financial records, Zcom Inc. noted the following ending inventory errors. Calculate the corrected ending inventory, cost of goods sold, and net loss amounts for each year by completing the following table:

While performing a detailed review of its financial records, Zcom Inc. noted the following ending inventory errors. Calculate the corrected ending inventory, cost of goods sold, and net loss amounts for each year by completing the following table: 2014 2015 2016 Ending Inventory error Understated by $42,000 Understated by $34,000 No error Ending inventory as reported 616,000 554,000 589,000 Cost of goods sold as reported 241,000 195,000 278,000 Net loss as reported 83,000 64,000 122,000 Corrected ending inventory Corrected cost of goods sold Corrected net loss Question 1 (12 points] While performing a detailed review of its financial records, Zcom Inc. noted the following ending inventory errors. Calculate the corrected ending inventory, cost of goods sold, and net loss amounts for each year by completing the following table: 2014 2015 2016 Ending Inventory error Understated by $42,000 Understated by $34,000 No error Ending inventory as reported 616,000 554,000 589,000 Cost of goods sold as reported 241,000 195,000 278,000 Net loss as reported 83,000 64,000 122,000 Corrected ending inventory Corrected cost of goods sold Corrected net loss While performing a detailed review of its financial records, Zcom Inc. noted the following ending inventory errors. Calculate the corrected ending inventory, cost of goods sold, and net loss amounts for each year by completing the following table: 2014 2015 2016 Ending Inventory error Understated by $42,000 Understated by $34,000 No error Ending inventory as reported 616,000 554,000 589,000 Cost of goods sold as reported 241,000 195,000 278,000 Net loss as reported 83,000 64,000 122,000 Corrected ending inventory Corrected cost of goods sold Corrected net loss