Current Attempt in Progress Blossom Company reported cost of goods sold as follows. 2017 2016 Beginning inventory $32,380 $18,370 Cost of goods purchased 184,210 172,410 Cost of goods available for sale 216,590 190,780 Less: Ending inventory 39,050 32,380 Cost of goods sold $177,540 $158,400 Blossom Company made two errors: 1. 2016 ending inventory was overstated by $2,050. 2. 2017 ending inventory was understated by $5,300. Compute the correct cost of goods sold for each year. The correct cost of goods sold 2016 2017

Current Attempt in Progress Blossom Company reported cost of goods sold as follows. 2017 2016 Beginning inventory $32,380 $18,370 Cost of goods purchased 184,210 172,410 Cost of goods available for sale 216,590 190,780 Less: Ending inventory 39,050 32,380 Cost of goods sold $177,540 $158,400 Blossom Company made two errors: 1. 2016 ending inventory was overstated by $2,050. 2. 2017 ending inventory was understated by $5,300. Compute the correct cost of goods sold for each year. The correct cost of goods sold 2016 2017

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

Cullumber Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2027 Cost of goods sold $ $30,000 175,000 205,000 35,000 $170,000 2026 2027 $ 20,000 150,000. 170,000 Cullumber made two errors: 1.2026 ending inventory was overstated by $3,100. 2.2027 ending inventory was understated by $6,100. Compute the correct cost of goods sold for each year. 30,000 $140,000 $ 2026
Solve incorrect answers
Errors in Inventory Count Bow Corp. accidentally overstated its 2015 ending inventory by $750. Assume that ending 2016 inventory is accurately counted. The error in 2015 will have what effect on Bow Corp.? Oa. 2015 net income is understated by $750 Ob. 2015 net income is overstated by $750. Oc, 2016 net income is understated by $750. Od. Both b and c are correct.
solution
Help
Please do not give solution in image format thanku
The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %
Please do not give solution in image format
Journalizing adjusting entries including estimating sales returns Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30, 2018 was 55,200. The cost associated with the physical count of inventory on hand on June 30, 2018, was $4,900. In addition, Emerson St. Book Shop estimated approximately 31,000 of merchandise sold will be returned with a cost of $400. Requirements Journalize the adjustment for inventory shrinkage. Journalize the adjustment for estimated sales returns.
Ayayai Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2018 Ending inventory $169,200 Cost of goods sold 37,400 2017 Ayayai made two errors: (1) ending inventory for 2018 was overstated by $2,000 and (2) ending inventory for 2017 was understated by $4,100. Assume that neither error has been found or corrected. $152,900 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ 29,400 2018 tA $ LA 2017
Computing and Evaluating Inventory Turnover for Two CompaniesAbercrombie & Fitch Co. (ANF) and TJX Companies (TJX) report the following information in their respective January 2016 10-K reports relating to their 2015 and 2014 fiscal years. Abercrombie & Fitch TJX Companies $ millions Sales Cost of Goods Sold Inventories Sales Cost of Goods Sold Inventories 2015 $3,444 $1,336 $462 $29,834 $20,924 $3,846 2014 3,744 1,430 461 29,078 20,777 3,218 Compute the 2015 inventory turnover for each of these two retailers.Round answers to two decimal places. Inventory turnover rate ANF Answer TJX Answer
Please do not give solution in image format thanku