Question: Bramble Corp. reported these income statement data for a 2-year period. 2017 2016 Sales revenue $256,200 $223,560 Beginning inventory 39,930 33,610 Cost of goods purchased
Bramble Corp. reported these income statement data for a 2-year period.
| 2017 | 2016 | |||
|---|---|---|---|---|
| Sales revenue | $256,200 | $223,560 | ||
| Beginning inventory | 39,930 | 33,610 | ||
| Cost of goods purchased | 212,930 | 173,260 | ||
| Cost of goods available for sale | 252,860 | 206,870 | ||
| Less: Ending inventory | 57,060 | 39,930 | ||
| Cost of goods sold | 195,800 | 166,940 | ||
| Gross profit | $60,400 | $56,620 |
Bramble Corp. uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7,670.
Prepare correct income statement data for the 2 years.
| 2016 | 2017 | ||||
|---|---|---|---|---|---|
| Sales | $enter a dollar amount | $enter a dollar amount | |||
| Cost of goods sold | |||||
| Beginning inventory | enter a dollar amount | enter a dollar amount | |||
| Cost of goods purchased | enter a dollar amount | enter a dollar amount | |||
| Cost of goods available for sale | enter a dollar amount | enter a dollar amount | |||
| Less: | Ending inventory | enter a dollar amount | enter a dollar amount | ||
| Cost of goods sold | enter a dollar amount | enter a dollar amount | |||
| Gross profit | $enter a dollar amount | $enter a dollar amount | |||
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