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

To determine the ending inventory, we use the cost of goods sold (COGS) formula:…

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…
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.
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)
In 2022, matapat A. CO reported net inxom of P18,000. The correct net income was 25,000. It was determined tharvthe ending inventory was overstated by P3,000 while the purchases was understated by P1,000. The only other error was with the beginning inventort which would be a. 11,000 over b.5,000 over c. 9,000 under d.3,0000 under
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
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…
May I ask for a solution and explanation to the problem for a better understanding. Thank you! 20. What is the inventory turnover for Bittergourd? a. 13.33 x b. 12.33 x c. 11.33 x d. 10.33 x

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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.