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Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: EEE (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 What is the correct amount of gross profit? Gross profit in 2025 would be Requirement 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? Cost of goods sold for 2026 would be by How would the inventory error affect Riderco Pool Supplies' gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Gross profit for 2026 would be by 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 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 Print Done $ 5,500 37,600 43,100 4,100 $ - X 71,000 39,000 32,000

Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: EEE (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 What is the correct amount of gross profit? Gross profit in 2025 would be Requirement 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? Cost of goods sold for 2026 would be by How would the inventory error affect Riderco Pool Supplies' gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Gross profit for 2026 would be by 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 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 Print Done $ 5,500 37,600 43,100 4,100 $ - X 71,000 39,000 32,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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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 What is the correct amount of gross profit? Gross profit in 2025 would be Requirement 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? Cost of goods sold for 2026 would be by How would the inventory error affect Riderco Pool Supplies' gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Gross profit for 2026 would be by 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 Done C X 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 Print Done $ 5,500 37,600 43,100 4,100 $ $ - X 71,000 39,000 32,000
Transcribed Image Text: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 What is the correct amount of gross profit? Gross profit in 2025 would be Requirement 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? Cost of goods sold for 2026 would be by How would the inventory error affect Riderco Pool Supplies' gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Gross profit for 2026 would be by 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 Done C X 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 Print Done $ 5,500 37,600 43,100 4,100 $ $ - X 71,000 39,000 32,000
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