Flounder 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 (a) Sales 2024 $276,000 214,000 $62,000 The company reported inventory in the statement of financial position at $42,000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. Cost of goods sold Gross profit Prepare correct statements of income for 2023 and 2024 through to gross profit. 2023 $246,000 VA 188,682 $ $57,318 2024 $ $ 2023

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Flounder 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
(a)
Sales
2024
$276,000
214,000
$62,000
The company reported inventory in the statement of financial position at $42,000, $53,900, and $48,800 at the end of 2022, 2023,
and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the
ending inventory at December 31, 2023, by $8,118.
Cost of goods sold
Gross profit
Prepare correct statements of income for 2023 and 2024 through to gross profit.
2023
$246,000
VA
188,682
$
$57,318
2024
$
LA
$
2023
Transcribed Image Text:Flounder 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 (a) Sales 2024 $276,000 214,000 $62,000 The company reported inventory in the statement of financial position at $42,000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. Cost of goods sold Gross profit Prepare correct statements of income for 2023 and 2024 through to gross profit. 2023 $246,000 VA 188,682 $ $57,318 2024 $ LA $ 2023
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