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  3. Dijon Mustard Ltée. reported the following comparative income statement for

Dijon Mustard Ltée. reported the following comparative income statement for

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Dijon Mustard Ltée. reported the following comparative income statement for the years ended September 30, 2013, and 2014:
Dijon Mustard Ltée. reported the following comparative income statement for

Dijon's shareholders are thrilled by the company's boost in sales and net income during 2014. Then they discover that the 2013 ending inventory was understated by $10,000. How well did Dijon really perform in 2014, as compared with 2013?



Transcribed Image Text:

Dijon Mustard Ltée. Income Statement For the Years Ended September 30 2014 2013 Sales revenue Cost of goods sold $194,000 $158,000 $ 23,000 97,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $16,000 86,000 102,000 (23,000) (21,000) 99,000 95,000 20,000 $ 75,000 79,000 79,000 20,000 S 59,000 Gross profit Net income

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Financial Accounting

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