Question: please show work when solving Check my work Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year

please show work when solving  please show work when solving Check my work Capwell Corporation uses
a periodic inventory system. The company's ending inventory on December 31, 2018,
its fiscal-year end, based on a physical count, was determined to be

Check my work Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $331,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $670,000; Accounts payable: $235,000: Accounts receivable, $250,000; Sales revenue, $850,000 The internal audit department discovered the following items 1. Goods valued at $37,000 held on consignment from Dix Company were included in the physical count but not recorded as a 2. Purchases from Xavier Corporation were incorrectly recorded at $51,000 instead of the correct amount of $15,000. The correct 3. Goods that cost $30,000 were shipped from a vendor on December 28, 2018, terms fo.b. destination. The merchandise arrived on 4. One inventory item was incorrectly included in ending inventory as 150 units, instead of the correct amount of 5. The 2017 balance sheet reported inventory of $402,000. The internal auditors discovered that a mathematical error caused this 6. Goods shipped to a c 7. Goods shipped from a vendor fo.b. shipping point on December 27,201 purchase amount was included in the ending inventory. January 3, 2019. The purchase and related accounts payable were recorded in 2018 cost $40 per unit. inventory to be understated by $67,000. This amount is considered to be sales price was $45,000 and the merchandise cost $245 1,250 units. This item material. Comparative financial statements will be issued. ustomer fo.b. destination on December 25, 2018, were received by the customer on January 4, 2019. The 2018 8, were received on January 3, 2019. The merchandise cost $23,000. The purchase was not recorded until 2019 1. Determine the correct amounts for 2018 ending inventory, purchases, accounts payable, accounts receivable, and sales revenue. 2. Calculate cost of goods sold for 2018 3. What was the effect of the error in ending inventory on 2017 before-tax income? Required: 1. Determine the correct amounts for 2018 ending inventory, purchases, accoun 2. Calculate cost of goods sold for 2018. 3. What was the effect of the error in ending inventory on 2017 before-tax incom Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Determine the correct amounts for 2018 ending inventory, purchases, accounts paya and cost of goods sold. ces Ending inventory Purchases Accounts payable Accounts receivable Sales revenue Cost of goods sold Req 3> Kequirea: 1. Determine the correct amounts for 2018 ending inventory, purchases, accounts payable, acco 2. Calculate cost of goods sold for 2018. 3. What was the effect of the error in ending inventory on 2017 before-tax income? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 What was the effect of the error in ending inventory on 2017 before-tax income? 2017 before-tax income was by Req 1 and 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!