Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Two short questions please answer first, will give five stars. mne net income per books Or Karen vvnite company was determined without knowledge or the

Two short questions please answer first, will give five stars.

image text in transcribedimage text in transcribed

mne net income per books Or Karen vvnite company was determined without knowledge or the errors indicated below. Year 2015 2016 Net Income per Books $46,300 48,350 50,250 52,430 54,320 56,180 Error in Ending Inventory Overstated $ 3,050 Overstated 8,580 Understated 11,080 No error Understated 1,990 Overstated 8,600 2017 2018 2019 2020 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books $46,300 Overstatement Jan. 1 Errors in Inventories Understatement Jan. 1 Overstatement Dec. 31 Year 2015 $ $ $ $ 2016 48,350 2017 50,250 2018 52,430 2019 54,320 2020 56,180 $ $ Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Unit Cost $30 April 1 inventory April 15 purchase April 23 purchase Units 270 440 290 1,000 36 Total Cost $ 8,100 15,840 11,310 $35,250 39 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago