Question: Please solve these questions: E6-13 This information is available for Abdullah's Photo Corporation for 2015, 2016, and Compute inventory turnover, 2017. days in inventory, and



Please solve these questions:




E6-13 This information is available for Abdullah's Photo Corporation for 2015, 2016, and Compute inventory turnover, 2017. days in inventory, and gross 2015 2016 2017 profit rate. Beginning inventory $ 100,000 $ 300,000 $ 400,000 (LO 4) Ending inventory 300,000 400,000 480,000 Cost of goods sold 900,000 1,152,000 1,300,000 Sales revenue 1,200,000 1,600,000 1,900,000 Instructions Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Abdullah's Photo Corporation for 2015, 2016, and 2017. Comment on any trends.Determine effects of inventory E6-9 Elliott's Hardware reported cost of goods sold as follows. EITorS. 2016 2017 (LO 3) Beginning inventory $ 20,000 $ 30,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Elliott's made two errors: (1) 2016 ending inventory was overstated $3,000, and (2) 2017 ending inventory was understated $5,000. Instructions Compute the correct cost of goods sold for each year
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