Bara Enterprise manufactures product Alpha. The following information is for the year 2021: [Bara Enterprise menghasilkan produk Alpha. Maklumat berikut adalah untuk tahun 2021:] Table 2: Finished Goods Data for the Product Alpha Jadual 2: Data Barang Siap untuk Produk Alpha] Details Amount Estimated sales Perak Kelantan Price per unit Expected closing stock Opening stock Details Opening stock Expected closing stock Cost per unit ional information: umat tambahan.} 20,000 units 40,000 units RM16.00 6,000 units 4,000 units Table 3: Raw Materials Data Jadual 3: Data Bahan-bahan Mentah] Material A 20,000 units 30,000 units RM2.00 Material B 25,000 units 40,000 units RM4.00 dust. Mnha required 4 units of Material A and 2 units of Material B.

Bara Enterprise manufactures product Alpha. The following information is for the year 2021: [Bara Enterprise menghasilkan produk Alpha. Maklumat berikut adalah untuk tahun 2021:] Table 2: Finished Goods Data for the Product Alpha Jadual 2: Data Barang Siap untuk Produk Alpha] Details Amount Estimated sales Perak Kelantan Price per unit Expected closing stock Opening stock Details Opening stock Expected closing stock Cost per unit ional information: umat tambahan.} 20,000 units 40,000 units RM16.00 6,000 units 4,000 units Table 3: Raw Materials Data Jadual 3: Data Bahan-bahan Mentah] Material A 20,000 units 30,000 units RM2.00 Material B 25,000 units 40,000 units RM4.00 dust. Mnha required 4 units of Material A and 2 units of Material B.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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also could you please explain why ,cost of goods avarage for sale2020,and cost of goods sold change both of them? Staley Watch Company reported the following income statement data for a 2 year period: 2019 2020 Sales $210,000 $250,000 Cost of Goods Sold Beginning Inventory 32,000 44,000 Cost of Goods Purchased 173,000 202,000 Cost of Goods Available for Sale 205,000 246,000 Less: Ending Inventory 44,000 52,000 Cost of Goods Sold 161,000 194,000 Gross Profit 49,000 56,000 Staley uses periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5,000. Required: Prepare correct income statement data for the two years. What is the cumulative effect of the inventory error on total gross profit for the two years?
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