inventory error-two years an Nature Foods Grocery reported the following comparative income statements for the Merchandise Inventor E6-24 Correcting years ended June 30, 2019 and 2018: Learning Objective 5 1. 2019, NI $36,500 NATURE FOODS GROCERY Income Statements Years Ended June 30, 2019 and 2018 2019 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory 2018 $ 134,000 $ 119,000 $ 17,000 78,000 $ 14,000 95,000 67,000 18,000 81,000 17,000 Cost of Goods Sold 77,000 64,000 55,000 57,000 26,000 $ 31,000 Gross Profit Operating Expenses 21,000 $ 34,000 Net Income During 2019, Nature Foods Grocery discovered that ending 2018 merchandise inven- tory was overstated by $5,500. Requirements 1. Prepare corrected income statements for the two years. 2. State whether each year's net income-before your sorrections

inventory error-two years an Nature Foods Grocery reported the following comparative income statements for the Merchandise Inventor E6-24 Correcting years ended June 30, 2019 and 2018: Learning Objective 5 1. 2019, NI $36,500 NATURE FOODS GROCERY Income Statements Years Ended June 30, 2019 and 2018 2019 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory 2018 $ 134,000 $ 119,000 $ 17,000 78,000 $ 14,000 95,000 67,000 18,000 81,000 17,000 Cost of Goods Sold 77,000 64,000 55,000 57,000 26,000 $ 31,000 Gross Profit Operating Expenses 21,000 $ 34,000 Net Income During 2019, Nature Foods Grocery discovered that ending 2018 merchandise inven- tory was overstated by $5,500. Requirements 1. Prepare corrected income statements for the two years. 2. State whether each year's net income-before your sorrections

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Description: years ended June 30, 2019 and 2018:Cost of Goods Available for SaleNature Foods Grocery reported the following comparative income statements for theBeginning Merchandise InventoryLess: Ending Merchandise InventoryDuring 2019, Nature Foods Grocery di

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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P5-5B. Journalizing inventory purchases, sales, returns, and freight transactions using the perpetual inventory system; calculating gross profit (Learning Objectives 3, 4, 5, & 6) 25-30 min. The following transactions for Westcoast Tire Co. occurred during July: Jul Purchased $5,500 of merchandise on account from Meridian Tire Supply. Terms, 1/15, n/45, 4 FOB shipping point. Meridian Tire Supply prepaid the $475 shipping cost and added the amount to the invoice. 7 9 11 13 15 16 18 20 22 23 Purchased $300 of supplies on account from Office Express. Terms, 3/10, n/30, FOB destination. Sold $5,100 (cost, $2,800) of merchandise on account to P. Larson. Terms, 2/15, n/45, FOB destination. Paid $50 freight charges to deliver goods to P. Larson. Returned $500 of the merchandise purchased on July 4 and received a credit. Sold $900 (cost, $545) of merchandise to cash customers. Paid for the supplies purchased on July 7. Paid Meridian Tire Supply the amount due from the July 4 purchase in full.…
Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the budgeted unit costs of ending finished-goods inventory on December 31, 2020 (label it Schedule 6A) and (2) the ending inventories budget on December 31, 2020 (label it Schedule 6B). (1). Calculate the budgeted unit costs of ending finished-goods inventory on December 31, 2020 (label it Schedule 6A). (Round all dollar amounts to the nearest cent. Enter all input per unit of output amounts for direct manufacturing labor to two decimal places, and machine setup overhead to three decimal places.) Schedule 6A: Unit Costs of Ending Finished Goods-Inventory December 31, 2020 Metal Fabric Direct manufacturing labor Machine setup overhead Total Cosp per unit of input Knox Input per unit of output lbs. yard hours hours Total Product Ayer Input per unit of output lbs. yards hours hours Total
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7:30 S&WYDO □ E6A-27 Computing periodic inventory amounts Learning Objective 7 Appendix 6A ::: e6a-27 Consider the data of the following companies which use the periodic inventory system: Company Net Large Small Medium Petite Sales Revenue $ 105,000 Requirements. (b) 96,000 80,000 Beginning Net Cost Merchandise of Inventory $ 23,000 $ 59,000 27,000 (d) Purchases 8,000 94,000 58,000 366/ 1480 QAA (f) Ending Merchandise of Inventory Cost Goods Sold 5G l 69% $ 22,000 $ (a) Gross Profit $ 45,000 (c) 99,000 40,000 24,000 68,000 (e) 6,500 (g) 44,000 IG b III O < ×
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Do not Give solution in images format The records of Earthly Goods provided the following information for the year ended December 31, 2023. At Cost At Retail January 1 beginning inventory $ 451,350 $ 907,150 Purchases 2,967,585 6,378,700 Purchase returns 48,800 115,350 Sales 5,455,700 Sales returns 42,600 Required: 1. Prepare an estimate of the company’s year-end inventory by the retail method. (Round all calculations to two decimal places.) 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.
Cost of good sold over this period ?
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Tube C CengageNOWV2 | Online teaching and learning resourc... Using the following information for a periodic inventory system, what is the amount of net income (loss)? Purchases Inventory, September 1 Administrative expense Rent revenue Sales 1,146 Selling expense $825 Inventory, September 30 11,074 58,402 $28,452 7,276 697 Interest expense Oa. $32,565 Ob. $807 Oc. $24,654 X Od. $27,288 Dashboard 807