### Riderco Pool Supplies' Merchandise Inventory Data for 2025#### OverviewRiderco Pool Supplies' inventory data for the year ended December 31, 2025, includes information regarding net sales revenue, cost of goods sold, and gross profit. The data helps assess the financial implications of inventory errors.#### Requirement 1Assume the ending merchandise inventory was accidentally overstated by $1,000. The task is to determine the correct amounts for the cost of goods sold and gross profit for 2025.**Cost of Goods Sold in 2025 would be:** [Input box]#### Data Table- **Net Sales Revenue:** $60,000- **Cost of Goods Sold:** - Beginning Merchandise Inventory: $5,700 - Plus: Net Cost of Inventory Purchased: $45,300 - **Cost of Goods Available for Sale:** $51,000 - Less: Ending Merchandise Inventory: $4,300 - **Cost of Goods Sold:** $46,700- **Gross Profit:** $13,300#### Requirements1. **Correction of Inventory Error:** - Determine the correct amounts for the cost of goods sold and gross profit when ending inventory is overstated by $1,000. 2. **Future Implications:** - Assess how the inventory error affects Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if not corrected in 2025.#### Actions- **Print** or **Done** (for saving or submitting adjustments).This information is critical for understanding how inventory errors can affect financial statements and decision-making.

Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 5,700 45,300 51,000 4,300 - X $ 60,000 $ 46,700 13,300 Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Print - X Done

Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 5,700 45,300 51,000 4,300 - X $ 60,000 $ 46,700 13,300 Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Print - X Done

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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