California Pool Supplies inventory data for the year ended December 31, 2012, follow: Assume that the ending

Question:

California Pool Supplies€™ inventory data for the year ended December 31, 2012, follow:

Sales revenue $60,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cos

Assume that the ending inventory was accidentally overstated by $2,400.
Requirement
1. What are the correct amounts for cost of goods sold and grossprofit?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

See More Books

Question Posted: Dec 16, 2011 07:25 AM

See More Questions

California Pool Supplies merchandise inventory data for the year ended December 31, 2015, follow: Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $ 2,400....
The following cash data for the year ended December 31 were adapted from a recent annual report of Alphabet (GOOG), formerly known as Google. The cash balance as of January 1 was $18,347 (in...
The following cash data for the year ended December 31 were adapted from a recent annual report of Alphabet (GOOG), formerly known as Google. The cash balance as of January 1 was $12,918 (in...
Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the...
At December 31, 2018, House Co. reported the following information on its balance sheet. Accounts receivable..................................$960,000 Less: Allowance for doubtful...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting...
Define value realization and outline why realization is important for the entrepreneurial firm, the entrepreneur, and the community.
During 2013, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Constructions Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is...
Calculate the future value of the following annuities, assuming each annuity payment is made at the end of each compounding period. ( FV of $ 1 , ?PV of $ 1 , ?FVA of $ 1 , ?and PVA of $ 1 ) ( Use...
Glenda is considering the purchase of a family-run catering business, called Palace Catering Ltd. The corporation specializes in the planning, preparation, and hosting of professional dinners,...
Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger patties: Requirements 1. At February 28, the accountant for the restaurant determines that the...
Refer back to the California Pool Supplies inventory data in Short Exercise 6-12. Requirement 1. How would the inventory error affect California Pool Supplies cost of goods sold and gross profit for...
Consider an exponential utility function $u(x)=-\frac{1}{a} \exp (-a x)$, with $a>0$, and an economy with a risk free asset with return $r_{f}=1.1$ and two risky assets with random returns...
The national sales manager of a large pharmaceutical sales company has been driving the local sales managers and their teams to hit a challenging annual target for sales of a new painkiller for...
Water polo is an active sport that provides great opportunities for exercise and for learning the collaborative skills involved in teamwork. You can learn more at www.usawaterpolo.org. Your task:...
Until a year ago, your business regularly used a local stationery and printing service. They were not that reliable, but you wanted to support a local business. One day, they suddenly informed you...
Are promotional slogans such as Best sushi in town or Atlantas most popular restaurant ethical? Why or why not?
An ethical __________ exists when a person is faced with conflicting but ethical choices or alternatives that are neither entirely right nor entirely wrong; an ethical __________ occurs when a person...
Find the position and diameter of the Entrance and Exit Pupils of a $100-\mathrm{mm}$ focal length lens with an aperture $20 \mathrm{~mm}$ to the right of the lens. Assume that the lens and...
A regular deposit of $100 is made at the beginning of each year for 20 years. Simple interest is calculated at i% per year for the 20 years. At the end of the 20-year period, the total interest in...
State the number of valence electrons for a hydrogen atom and a chlorine atom.
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the boxes that contain...
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the boxes that contain...
Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant with the lean business concept it strives to achieve. Some activities...
On March 1, 2017 Green Company purchased a new piece of equipment for 210,000 cash. On March 1 Green recorded the equipment purchase with a Debit to the Equipment account and a Credit to the Cash...
The price per share of your all-equity firm is $40, and there are 2M shares outstanding. Suppose that your firm issues $30M worth of debt. The debt has a face value of $30M, a coupon rate of 5...
Provide a detailed explanation explaining the importance of organizational politics in the workplace. I am providing two references that you can use in your response. Please provide the pros and cons...

California Pool Supplies inventory data for the year ended December 31, 2012, follow: Assume that the ending

Question:

Sales revenue $60,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit $ 4,200 26,600 $ 30,800 (6,200) $ 24,600 $ 35,400

Step by Step Answer:

Req 1 Cost of goods s...View the full answer

Financial and Managerial Accounting

Students also viewed these Managerial Accounting questions