The information for the years in question has been provided as follows;

	2018	2019	2020
Current Assets	1,000	1,250	1,750
Non-Current Assets	5,000	6,250	8,750
Total Assets	6,000	7,500	10,500
Long term Liabilities	2,000	2,500	3,500
Revenue	1,000	1,250	1,750
Cost of Sales 40% on cost for all the Years

Assume that ending Inventory was overstated by K1, 500 in 2018 and Understated by K10, 000 ends of 2019.

Required

a. Calculate the Cost of goods sold for the years 2018, 2019, and 2020 (6 Marks)

b. Calculate the Owners Equity value for the years 2018, 2019 and 2020 (3 Marks)

c. Calculate the correct values for the below listed items in 2018 and 2019 indicating the effect with an explanation. (21 Marks)

i. Current Assets

ii. Non-current Assets

iii. Total Assets

iv. Long term Liabilities

v. Owners Equity

vi. Revenue

vii. Cost of sales

viii. Gross Profit