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 2024 $276,000 214,000 $62,000 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. Cost of goods sold Gross profit Prepare correct statements of income for 2023 and 2024 through to gross profit. 2023 $246,000 VA 188,682 $ $57,318 2024 $ $ 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 2024 $276,000 214,000 $62,000 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. Cost of goods sold Gross profit Prepare correct statements of income for 2023 and 2024 through to gross profit. 2023 $246,000 VA 188,682 $ $57,318 2024 $ $ 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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