E6-10 Smart Watch Company reported the following income statement data for a 2-year period. Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 2016 $220,000 32,000 173,000 205,000 44,000 161,000 $ 59,000 2017 $250,000 44,000 202,000 246,000 52,000 194,000 $ 56,000
E6-10 Smart Watch Company reported the following income statement data for a 2-year period. Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 2016 $220,000 32,000 173,000 205,000 44,000 161,000 $ 59,000 2017 $250,000 44,000 202,000 246,000 52,000 194,000 $ 56,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...
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