Trump Luggage Sales uses a periodic inventory system. The inventory data for the year ended December 31,
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Trump Luggage Sales uses a periodic inventory system. The inventory data for the year ended December 31, 2022, follow:
Assume that the ending inventory was accidentally overstated by $4,000. What are the correct amounts of cost of goods sold and gross margin after correcting this error?
Transcribed Image Text:
Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin $150,000 22,000 80,000 102,000 24,000 78,000 $ 72,000
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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