Solution-Prepare correct income statement data

Prepare correct income statement data

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Reference no: EM131569351

Question - Smart Watch Company reported the following income statement data for a 2-year period.

	2016	2017
Sales revenue	$210,000	$260,000
Cost of goods sold
Beginning inventory	33,000	44,000
Cost of goods purchased	193,000	212,000
Cost of goods available for sale	226,000	256,000
Ending inventory	44,000	55,000
Cost of goods sold	182,000	201,000
Gross profit	$28,000	$59,000

Smart uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, was overstated $6,000.

Prepare correct income statement data for the 2 years.

Reference no: EM131569351

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Prepare correct income statement data

Reference no: EM131569351

Reference no: EM131569351

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