Blue Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit 2024 $265,000 199,000 $66,000 2023 $244,000 192,028 $51,972 The company reported inventory in the statement of financial position at $42,600, $52,700, and $50,800 at the end of 2022, 202 and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated th ending inventory at December 31, 2023, by $7,320.

Blue Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit 2024 $265,000 199,000 $66,000 2023 $244,000 192,028 $51,972 The company reported inventory in the statement of financial position at $42,600, $52,700, and $50,800 at the end of 2022, 202 and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated th ending inventory at December 31, 2023, by $7,320.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please answer 4a above
SOLVE THE SYSTEM WITH SUBSTITUTION OR ELIMINATION
Answer to Part C = 42250
11 keeps getting wrong, even I put 1.3
Question 6 Listen Which of the following sets represent an intersection, union, subset, and com- plement? Hint: Consider if each number is in A, B, both, or neither. АПВ S S A B 3 2 4 6 5 7 8 10 1 9 a. (2) AUB b. {2,3,5,7} A C. (2,3,4,5,6,7,8,10}
Section 1250 summary
two questions
E12.17
E12.4
88 MULTIPLE CHOICE Question 6 Listen If f(x)= and g(x) = x²-16, then what is the value of f(g(4))? A 0 B 4 C undefined
LO 7.4 Name the four main special journals.
it say 1.33 is incorrect