Boston Cycles inventory data for the year ended December 31, 2011, follow: Assume that the ending inventory

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Boston Cycles’ inventory data for the year ended December 31, 2011, follow:

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Assume that the ending inventory was accidentally overstated by $2,200.
Requirement

1. What are the correct amounts for cost of goods sold and gross profit?

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Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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Question Posted: May 13, 2024 09:01 AM

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Boston Cycles inventory data for the year ended December 31, 2011, follow: Assume that the ending inventory

Question:

Sales revenue Cost of goods sold: Beginning inventory. $46,000 $5,400 Net purchases 26,700 Cost of goods available 32,100 Less: Ending inventory (3,600) Cost of goods sold 28,500 Gross profit $ 17,500

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Financial And Managerial Accounting

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