Please help me with this accounting problem! Current Attempt in Progress× Your answer is incorrect.Blue Enterprises reported cost of goods sold for 2025 of $1,307,500 and retained earnings of $5,383,000 at December 31, 2025. Bluelater discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $118,630 and $36,930, respectively.Determine the corrected amounts for 2025 cost of goods sold and December 31, 2025, retained earnings.Corrected cost of goods sold$1463060Corrected 12/31/25 retained earnings$5227440Touthead Media

Explanation: When calculating cost of goods sold, the beginning inventory is added and the ending…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...

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Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
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Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160.000 and $42.000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $
Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: 　 2019 2018 Net Sales $65,000 $40,000 Cost of Goods Sold 42,000 31,000 Gross Profit $23,000 $9,000 What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) A. 100%, 155.6%, 35.5% B. 62.5%, 35.5%, 155.6% C. 100%, 0.7%, 0.4% D. 155.6%, 62.5%, 35.5%
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