AZ Pool Supplies's merchandise inventory data for the year ended December 31, 2017, follow:E (Click the icon to view the inventory data.)RequirementsAssume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit?How would the inventory error affect AZ Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2018, if the error is not corrected in 2017?1.2.Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit?Cost of goods sold in 2017 would be $34500Data TableSales Revenue71,000Cost of Goods Sold:Beginning Merchandise Inventory%243,600Net Cost of Purchases25,100Cost of Goods Available for Sale28,700Less: Ending Merchandise Inventory5,100Enter your answer in the answer box and then click Check Answer.Cost of Goods Sold23.60047,400Gross Profit3 partsremaining

Cost of goods sold: Cost of goods sold is defined as the cost incurred by the company in respect of…

Requirements Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit? How would the inventory error affect AZ Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2018, if the error is not corrected in 2017? 1. 2.

Requirements Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit? How would the inventory error affect AZ Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2018, if the error is not corrected in 2017? 1. 2.

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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