Smart Technologies reported the following income statement data for a 2-year period. Smart uses a periodic inventory
Question:
Smart Technologies reported the following income statement data for a 2-year period.
Smart uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31, 2022, was overstated $6,000.
Instructions
a. Prepare correct income statement data for the 2 years.
b. What is the cumulative effect of the inventory error on total gross profi t for the 2 years?
c. Explain in a letter to the president of Smart Technologies what has happened, i.e., the nature of the error and its effect on the financial statements.
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a 2022 2023 Sales 220000 250000 Cost of goods sold Beginning inventory 32000 38000 Cost of goods purchased 173000 202000 Cost of goods available for s...View the full answer
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