Try It! 8. The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow: $ 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 3,360 Net Cost of Purchases 21,280 Cost of Goods Available for Sale 24,640 Less: Ending Merchandise Inventory 4,960 19,680 Cost of Goods Sold $ 28,320 Gross Profit Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost of goods sold and gross profit? ren
Try It! 8. The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow: $ 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 3,360 Net Cost of Purchases 21,280 Cost of Goods Available for Sale 24,640 Less: Ending Merchandise Inventory 4,960 19,680 Cost of Goods Sold $ 28,320 Gross Profit Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost of goods sold and gross profit? ren
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Try It!
8.
The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow:
Net Sales Revenue
$ 48,000
Cost of Goods Sold:
Beginning Merchandise Inventory
$ 3,360
Net Cost of Purchases
21,280
Cost of Goods Available for Sale
24,640
Less: Ending Merchandise Inventory
4,960
Cost of Goods Sold
19,680
Gross Profit
$ 28,320
Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost of
goods sold and gross profit?
Check your answers online in MyAccountingLab or at http://ww
ren.
For more practice, see Short Exercise S6-9.
MyAccountingLab
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