Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) Sales Cost of goods sold Gross profit The company reported inventory in the statement of financial position at $42.000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. 2024 $276,000 Gross profit margin 214,000 Prepare correct statements of income for 2023 and 2024 through to gross profit. Before correction $62,000 After correction 2023 $246,000 188.682 $ $57,318 Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 15.5%.) 2024 2024 % 2023 % 2023 % %

Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) Sales Cost of goods sold Gross profit The company reported inventory in the statement of financial position at $42.000, $53,900, and $48,800 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $8,118. 2024 $276,000 Gross profit margin 214,000 Prepare correct statements of income for 2023 and 2024 through to gross profit. Before correction $62,000 After correction 2023 $246,000 188.682 $ $57,318 Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 15.5%.) 2024 2024 % 2023 % 2023 % %

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 8PEA: Financial statement data for years ending December 31 for Holland Company follow: a. Determine the...

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