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Vaughn Manufacturing reported these income statement data for a 2-year period. 2022 2021 Sales revenue $246,700 $190.450 Beginning inventory 43,240 35.100 Cost of goods purchased
Vaughn Manufacturing reported these income statement data for a 2-year period. 2022 2021 Sales revenue $246,700 $190.450 Beginning inventory 43,240 35.100 Cost of goods purchased 211,980 173,640 Cost of goods available for sale 255,220 208.740 Less: Ending inventory 56,720 43.240 Cost of goods sold 198,500 165,500 Gross profit $48.200 $24.950 Vaughn Manufacturing uses a periodic Inventory system. The inventories at January 1, 2021, and December 31, 2022 are correct However, the ending inventory at December 31, 2021, is overstated by $7.770. (a) Prepare correct income statement data for the 2 years. 2021 2022 Sales $ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit
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