Ayayai tnc. reported the following partial income statement data for the years ended December 31, 2018,...

 

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Ayayai tnc. reported the following partial income statement data for the years ended December 31, 2018, and 2017: 2010 2017 Sales $267,000 $242,000 Cost of gonds sold 208,000 189,244 Gruss profit 59,000 52,756 Inventory was reported in the current statement of financlal position at $41,900, $50,300, and $49,000 at the end of 2016, 2017, and 2018, respectively. The ending Inventory amounts for 2016 and 2018 are correct. However, the ending Inventory at December 31, 2017, Is understated by s7,018. Prepare correct income statements for 2017 and 2018 through to gross profit. 2010 2017 Sales Cost of gouds sold Gross profit LINK TO TEXT What is the cumulative effect of the inventory emror on total gross profit for these two years? Cumulativa effect of the inventory error on total oross profit LINK TO TEXT Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 1.2.) Gruss profit margin 2018 2017 Defore correction After correction LINK TO TEXT Ayayai tnc. reported the following partial income statement data for the years ended December 31, 2018, and 2017: 2010 2017 Sales $267,000 $242,000 Cost of gonds sold 208,000 189,244 Gruss profit 59,000 52,756 Inventory was reported in the current statement of financlal position at $41,900, $50,300, and $49,000 at the end of 2016, 2017, and 2018, respectively. The ending Inventory amounts for 2016 and 2018 are correct. However, the ending Inventory at December 31, 2017, Is understated by s7,018. Prepare correct income statements for 2017 and 2018 through to gross profit. 2010 2017 Sales Cost of gouds sold Gross profit LINK TO TEXT What is the cumulative effect of the inventory emror on total gross profit for these two years? Cumulativa effect of the inventory error on total oross profit LINK TO TEXT Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 1.2.) Gruss profit margin 2018 2017 Defore correction After correction LINK TO TEXT

Answer rating: 100% (QA)

1 2018 2017 sales 267000 242000 less Revised COGS 2... View the full answer