Required information [The following information applies to the questions displayed below.] Over a four-year period, Jackie Corporation reported the following series of gross profits. 2018 2019 2e2e 2021 Net sales $48,eee $46,000 $54,000 $70,000 Cost of goods sold 18,000 32,eee 14,000 34,600 Gross profit $22,888 $14,888 $48,688 $36,888 In 2021, the company performed a comprehensive review of its Inventory accounting procedures. Based on this review, company records reveal that ending Inventory was understated by $7,820 in 2019. Inventory in all other years is correct 2 Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021 ! Required information [The following information applies to the questions displayed below.] Over a four-year period, Jackle Corporation reported the following series of gross profits. 2018 2019 2020 2021 Net sales $40,000 $46,eee $54,800 $70,000 Cost of goods sold 18, eee 32.ee 14, eee 34, eee Gross profit $22,688 $14,6ee $48,eee $36,608 In 2021, the company performed a comprehensive review of its Inventory accounting procedures. Based on this review, company records reveal that ending Inventory was understated by $7,820 in 2019. Inventory In all other years is correct Required: Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021 % Required Information [The following information applies to the questions displayed below.] At the beginning of October, Bowser Co's Inventory consists of 55 units with a cost per unit of $45. The following transactions occur during the month of October October 4 Purchase 125 units of inventory on account from Waluigi Co. for $58 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $770. October 9 Return 15 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 sell 155 units of inventory to customers on account, $12,480. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $7 per unit for freight less $1 per unit for the purchase discount, or $56 per unit.] October 19 Receive full payment from customers related to the sale on October 15. October 20 Purchase 95 units of inventory from Waluigi Co. for $65 per unit, terms 3/10, n/30. October 22 Sell 95 units of inventory to customers for cash, $7,600. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 28.) Prepare the top section of the multiple-step Income statement through gross profit for the month of October after the adjustment for lower of cost and net realizable value. BOWSER CO. Multiple-step Income Statement (partial) For the month of October
