Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $2,400. What are the correct amounts for cost of goods sold and gross profit for year ended December 31, 2026? Cost of goods sold in 2026 would be Inventory data Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $2,400. What are the correct amounts for cost of goods sold and gross profit for year ended December 31, 2026? 2. How would the inventory error affect Salt Lake Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2027, if the error is not corrected in 2026? Print Done Salt Lake Pool Supplies Income Statement (Partial) Year Ended December 31, 2026 Net Sales Revenue $ 60,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 4,200 Plus: Net Cost of Inventory Purchased 26,600 Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold 30,800 6,200 24,600 $ Gross Profit 35,400

Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $2,400. What are the correct amounts for cost of goods sold and gross profit for year ended December 31, 2026? Cost of goods sold in 2026 would be Inventory data Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $2,400. What are the correct amounts for cost of goods sold and gross profit for year ended December 31, 2026? 2. How would the inventory error affect Salt Lake Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2027, if the error is not corrected in 2026? Print Done Salt Lake Pool Supplies Income Statement (Partial) Year Ended December 31, 2026 Net Sales Revenue $ 60,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 4,200 Plus: Net Cost of Inventory Purchased 26,600 Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold 30,800 6,200 24,600 $ Gross Profit 35,400

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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Hello, This question is using a periodic inventory system. For this question, how do I determine the cost of ending inventory and cost of goods sold using: a) First in, First out b) Average cost Thanks
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