Please need answer The following relate to Data Original in 2012. What is the endinginventory?Purchases $540,000Beginning Inventory $80,000Purchase Returns - $10,000Sales $800,000Cost of Goods Sold $490,000A) $120,000B) $140,000C) $210,000D) $260,000-E) None of the answers are correct.

Step 1: Define Ending InventoryThe worth of commodities or items that are unsold at the conclusion…

Answered: The following relate to Data Original…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

See similar textbooks

Similar questions

Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
please answer do not image.
Please given answer general accounting question
Required information P7-6 (Algo) Analyzing and Interpreting the Effects of Inventory Errors LO7-5 [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income P7-6 Part 1 2016 2017 $2,041,000 $2,469,000 1,618,000 1,492,000 549,000 484,000 65,000 19,500 $45,500 Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income 851,000 496,000 355,000 106,500 $248,500 496,000 334,000 2018 $2,712,000 1,781,000 100,200 233,800 931,000 522,000 409,000 122,700 $286,300 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $21,000. The company uses a periodic inventory system. Answer is complete but not entirely correct. PRUITT COMPANY Income Statement For the Four-Year Period 2016 2017 $ 2,041,000…
Lime Supplies had a miscount of inventory at $22,000 for the year end May 31, 2022. The correct amount should have been $25,000. If this error was never corrected, and assuming the inventory count was correct for 2023, how much would this error impact the cost of goods sold in 2022? Select one: a. Not impacted at all. b. $3,000 overstated c. $ 47,000 understated d. $3,000 understated
Solve this financial accounting question
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,220 $ $406,640 Sales returns and allowances (10,120) (13,630) Net sales 347,802 Beginning inventory 21,500 30,300 Ending inventory Purchases 258,310 297,477 Purchase returns and allowances (5,090) (7,370) (10,330) Freight-in 8,390 8,240 11,340 Cost of goods sold (230,540) (295,670) Gross profit on sales 49,560 93,400 89,130
Suppose that the following information was available for Carla Vista Company at December 31, 2025: beginning inventory $ 75000; ending inventory $106000; cost of goods sold $664000; and sales $1000000. Carla Vista's inventory turnover, rounded to one decimal place, in 2025 was 6.3 times. 7.3 times. 11.0 times. 8.9 times. Attempts: 0 of 2 used
provide correct answers otherwise skip for better
need help with....
The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times
customer. These goods are not included in the year-end P7,600,000. The following information has been found relating Shindig Company is preparing its 2013 year-end financial January 5, 2014. The related invoice was received and * Goods costing P250,000 were received from a vendor on December 31, 2013, terms FOB shipping point. inventory transactions: Coods valued at P1,000,000 are on consignment with a oustomer. These goods are not included in the year-end inventory figure. January 5, 2014. The related invoice was received and vecorded on January 12, 2014. The goods were shipped on Goods costing P850,000 were shipped on December 31, 2013, and were delivered to the customer on January 2, 2014. The terms of the invoice were. FOB shipping point. The goods were included in ending inventory for 2013 even though the sale was recorded in 2013. A P350,000 shipment of goods to a customer on December 31, 2013 terms FOB destination, was not included in the year-end inventory. The goods cost…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

The following relate to Data Original in 2012. What is the ending inventory? Purchases $540,000 Beginning Inventory $80,000 Purchase Returns - $10,000 Sales $800,000 Cost of Goods Sold $490,000 A) $120,000 B) $140,000 C) $210,000 D) $260,000 - E) None of the answers are correct.