Hull Company reported the following income statement information for the current year: Sales $ 415,000 Cost of
Fantastic news! We've Found the answer you've been seeking!
Question:
Hull Company reported the following income statement information for the current year:
Sales | $ | 415,000 | |
Cost of goods sold: | |||
Beginning inventory | $ | 139,500 | |
Cost of goods purchased | 278,000 | ||
Cost of goods available for sale | 417,500 | ||
Ending inventory | 149,000 | ||
Cost of goods sold | 268,500 | ||
Gross profit | $ | 146,500 | |
The beginning inventory balance is correct. However, the ending inventory figure was overstated by $25,000.
Given this information, Calculate the correct gross profit.
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: