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

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Chapter10: Inventory

Section: Chapter Questions

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

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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?
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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…
E9-9 Required: Determine the missing amounts. Cost of Gross Sales Net Ending Goods Profit Beg returns Sales Inventory Purchases Inventory Net Sales Sold (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000 5 468,000 458,800 155,000 270,000 228,000
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*E6-14 Foyle Hardware reported cost of goods sold as follows. Determine effects o errors. 2014 2013 (LO 8), AN Beginning inventory Cost of goods purchased $ 30,000 175,000 $ 20,000 164,000 Cost of goods available for sale Less: Ending inventory 205,000 37,000 184,000 30,000 Cost of goods sold $168,000 $154,000 Foyle made two errors: 1. 2013 ending inventory was overstated by $2,000. 2. 2014 ending inventory was understated by $5,000. Instructions Compute the correct cost of goods sold for each year.
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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.