Bramble Watch Company reported the following income statement data for a 2-year period. Sales revenue Cost...
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Bramble Watch Company 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 2022 $250,000 43,000 209,000 252,000 48,000 204,000 $46,000 2021 $220,000 32,000 177,000 209,000 43,000 166,000 $54,000 Bramble uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, was overstated $6,000. Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ GA $ CA 2022 250,000 43000 209,000 252000 42000 210,000 40,000 LA $ $ ԵԴ 2021 220,000 26000 177,000 203,000 43000 160,000 60,000 What is the cumulative effect of the inventory error on total gross profit for the 2 years? Cumulative effect of the inventory error $ Bramble Watch Company 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 2022 $250,000 43,000 209,000 252,000 48,000 204,000 $46,000 2021 $220,000 32,000 177,000 209,000 43,000 166,000 $54,000 Bramble uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, was overstated $6,000. Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ GA $ CA 2022 250,000 43000 209,000 252000 42000 210,000 40,000 LA $ $ ԵԴ 2021 220,000 26000 177,000 203,000 43000 160,000 60,000 What is the cumulative effect of the inventory error on total gross profit for the 2 years? Cumulative effect of the inventory error $
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2022 2021 Sales 250000 220000 Cost of goods sold Beginning inventory 37... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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