Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 5,700 45,300 51,000 4,300 - X $ 60,000 $ 46,700 13,300 Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Print - X Done
Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 5,700 45,300 51,000 4,300 - X $ 60,000 $ 46,700 13,300 Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? 2. How would the inventory error affect Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Print - X Done
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 43P
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