Please do not give solution in image format thanku Oriole Company reported these income statement data for a 2-year period.Sales revenueBeginning inventoryCost of goods purchasedCost of goods available for sale.Less: Ending inventoryCost of goods soldGross profit2024$221,64032.220172,560204,78037,310167,470$54,1702025$252.50037,310209,680246,99049,870197.120$55,380Oriole Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However,the ending inventory at December 31, 2024, is overstated by $7,420. Prepare correct income statement data for the 2 years.Sales revenueCost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleLess: Ending inventoryCost of goods soldGross profit20242025

Lets understand the basics.Income statement is generally prepared in order to obtain correct amount…

Oriole Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 2024 $221,640 32.220 172.560 204,780 37,310 2025 $252.500 37,310 209,680 246,990 49,870 167470 197.120 $54,170 $55.300

Oriole Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 2024 $221,640 32.220 172.560 204,780 37,310 2025 $252.500 37,310 209,680 246,990 49,870 167470 197.120 $54,170 $55.300

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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