Q-3: Swell Company reported the following income statement data for a 2-year period. 2018 $260,000 2019 $320,000 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 32,000 _193.000 225,000 44.000 181.000 $ 79,000 44,000 225.000 269,000 52.000 217.000 $103.000 Swell uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $3,000. Instructions Prepare correct income statement data for the 2 years.

Q-3: Swell Company reported the following income statement data for a 2-year period. 2018 $260,000 2019 $320,000 Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 32,000 _193.000 225,000 44.000 181.000 $ 79,000 44,000 225.000 269,000 52.000 217.000 $103.000 Swell uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $3,000. Instructions Prepare correct income statement data for the 2 years.

Name: Q-3:Swell Company reported the following income statement data for a
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Description: Q-3:Swell Company reported the following income statement data for a 2-year period.2018$260,0002019$320,000SalesCost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods soldGross profi

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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