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...

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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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Q1. As of December 321, 2021, Earth Mother’s Corporation physical inventory was $275,000, and its book inventory was $290,000. The effect of the inventory shrinkage on the accounts is: A. To increase Cost of Goods Sold and Inventory by $15,000 B. To increase Cost of Goods Sold and decrease Inventory by $15,000 C.To decrease Cost of Good Sold and increase Inventory by $15,000 D. To decrease Cost of Goods Sold and Inventory by $15,000
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
Ignoring income taxes, what is the total effect of the errors on 2022 net income? ( Leave the numerical figure positive, put a dash then identify if OVERSTATED or UNDERSTATED, example: 25000-OVERSTATED)
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Please answer year 2014 and 2015 only.
*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.
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
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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.