Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 Gross profit $215,000 Marigold uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $6,000. eTextbook and Medial 32,500 192,500 Prepare correct income statement data for the 2 years. 225,000 44,000 181,000 $34,000 2020 $257,500 44,000 217,500 261,500 55,000 206,500 $51,000 2019 2020

Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2019 Gross profit $215,000 Marigold uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $6,000. eTextbook and Medial 32,500 192,500 Prepare correct income statement data for the 2 years. 225,000 44,000 181,000 $34,000 2020 $257,500 44,000 217,500 261,500 55,000 206,500 $51,000 2019 2020

Name: Marigold Corp. reported the following income statement data for a 2-y
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Description: Marigold Corp. reported the following income statement data for a 2-year period.Sales revenue.Cost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods soldGross profit(a)SalesCost of g

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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