don't give answer in image format Inventory ErrorsHaywood Inc. reported the following information for Year 1:Beginning inventoryEnding inventorySales revenueCost of goods soldA physical count of inventory at the end of the year showed that ending inventory was actually $65,000.Required:$25,00050,0001,000,000620,0001. What is the correct cost of goods sold and gross profit for Year 1?Cost of goods soldGross profit2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, Year 1? At December 31, Year 2?December 31, Year 1December 31, Year 2

Cost of goods sold is the difference between cost of goods available for sale and ending inventory.…

Inventory Errors Haywood Inc. reported the following information for Year 1: Beginning inventory Ending inventory Sales revenue Cost of goods sold $25,000 50,000 1,000,000 620,000 A physical count of inventory at the end of the year showed that ending inventory was actually $65,000. Required: 1. What is the correct cost of goods sold and gross profit for Year 17 Cost of goods sold Gross profit 2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, Year 17 At December 31, Year 2? December 31, Year 1 December 31, Year 2

Inventory Errors Haywood Inc. reported the following information for Year 1: Beginning inventory Ending inventory Sales revenue Cost of goods sold $25,000 50,000 1,000,000 620,000 A physical count of inventory at the end of the year showed that ending inventory was actually $65,000. Required: 1. What is the correct cost of goods sold and gross profit for Year 17 Cost of goods sold Gross profit 2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, Year 17 At December 31, Year 2? December 31, Year 1 December 31, Year 2

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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