Marigold Corp, 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 (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 Gross profit $215,000 Marigold uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $6,000. eTextbook and Medial 32,500 192,500 Prepare correct income statement data for the 2 years. 225,000 44,000 181,000 $34,000 2020 $257,500 44,000 217,500 261,500 55,000 206,500 $51,000 2019 2020

Marigold Corp, 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 (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 Gross profit $215,000 Marigold uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $6,000. eTextbook and Medial 32,500 192,500 Prepare correct income statement data for the 2 years. 225,000 44,000 181,000 $34,000 2020 $257,500 44,000 217,500 261,500 55,000 206,500 $51,000 2019 2020

Name: Marigold Corp. reported the following income statement data for a 2-y
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Description: Marigold Corp. reported the following income statement data for a 2-year period.Sales revenue.Cost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods soldGross profit(a)SalesCost of g

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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A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2024 $ 243,800 1.06 2025 324,500 1.18 2026 304,750 1.15 2027 299,700 1.11 Required: Calculate inventory amounts at the end of each year. (nearest whole dollars)
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