Question

The following information was taken from the records of Eli Lilly, a major pharmaceutical (dollars in millions).


Assume that ending inventory was overstated by $500 in 2010, understated by $150 in 2011, and overstated by $320 in 2012.

REQUIRED:
Compute the corrected cost of goods sold and net income for 2010, 2011, and 2012.


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  • CreatedAugust 19, 2014
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