Hull Company reported the following income statement information for the current year: Sales $429,000 goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Cost $160,500 292,000 452,500 163,000 289,500 Gross profit $139,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $39,000. Given this information, the correct gross profit wouid be: Multiple Choice $100,500. $139,500. $178,500. $113,500. < Prev 39 of 60 Next >
Hull Company reported the following income statement information for the current year: Sales $429,000 goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Cost $160,500 292,000 452,500 163,000 289,500 Gross profit $139,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $39,000. Given this information, the correct gross profit wouid be: Multiple Choice $100,500. $139,500. $178,500. $113,500. < Prev 39 of 60 Next >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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