Wildhorse Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 2024 $210,340 29.530 157.180 186,710 39,260 147.450 $62,890 2025 $227,600 39,260 187,900 227,160 60,080 167,080 $60,520 Wildhorse Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025. are correct. However, the ending inventory at December 31, 2024, is overstated by $7,850,
Wildhorse Company reported these income statement data for a 2-year period. Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit 2024 $210,340 29.530 157.180 186,710 39,260 147.450 $62,890 2025 $227,600 39,260 187,900 227,160 60,080 167,080 $60,520 Wildhorse Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025. are correct. However, the ending inventory at December 31, 2024, is overstated by $7,850,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare correct income statement data for the 2 years.
Sales revenue
Cost of goods sold
Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Less:
Ending inventory
Cost of goods sold
Gross profit
$
2024
$
2025
Transcribed Image Text:Wildhorse Company reported these income statement data for a 2-year period.
Sales revenue
Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Less: Ending inventory
Cost of goods sold
Gross profit
2024
$210,340
29.530
157,180
186,710
39,260
147,450
$62,890
2025
$227,600
39,260
187,900
227,160
60,080
167,080
$60,520
Wildhorse Company uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025. are correct.
However, the ending inventory at December 31, 2024, is overstated by $7,850.
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