Hull Company reported the following income statement information for the current year: Sales Cost of goods...
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Hull Company reported the following income statement information for the current year: 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 $423,000 $151,500 286,000 437,500 157,000 280, 500 $142,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $33,000. Given this information, the correct gross profit would be: Hull Company reported the following income statement information for the current year: 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 $423,000 $151,500 286,000 437,500 157,000 280, 500 $142,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $33,000. Given this information, the correct gross profit would be:
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The image shows an income statement for Hull Company which includes the following figures Sales 4230... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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