Please given answer general accounting question The following relates to Data Original in 2012. What is the endinginventory?Purchases$540,000Beginning Inventory 80,000Purchase Returns10,000Sales800,000Cost of Goods Sold 490,000a. $120,000b. $140,000c. $210,000d. $260,000e. none of the answers are correct

Step 1: Define Ending InventoryEnding inventory is the level of finished goods left with the company…

Answered: The following relates 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?
LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
If a group of inventory items costing $3,200 had been double counted during the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and amount) as either (a) none, (b) understated $______, or (c) overstated $______. Table 10.2
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Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and opening inventory was of R30 000, how much was the cost of goods sold? Select one: a. R280 000 b. R246 000 c. R276 000 d. R254 000
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The following relates 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