Thank u :) Try It!8.The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow:Net Sales Revenue$ 48,000Cost of Goods Sold:Beginning Merchandise Inventory$ 3,360Net Cost of Purchases21,280Cost of Goods Available for Sale24,640Less: Ending Merchandise Inventory4,960Cost of Goods Sold19,680Gross Profit$ 28,320Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost ofgoods sold and gross profit?Check your answers online in MyAccountingLab or at http://wwren.For more practice, see Short Exercise S6-9.MyAccountingLab

Gross profit is determined after deducting COGS from the net sales during the year. COGS is the cost…

Try It! 8. The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow: $ 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 3,360 Net Cost of Purchases 21,280 Cost of Goods Available for Sale 24,640 Less: Ending Merchandise Inventory 4,960 19,680 Cost of Goods Sold $ 28,320 Gross Profit Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost of goods sold and gross profit? ren

Try It! 8. The Shirley's Gourmet Foods' merchandise inventory data for the year ended December 31, 2018, follow: $ 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory $ 3,360 Net Cost of Purchases 21,280 Cost of Goods Available for Sale 24,640 Less: Ending Merchandise Inventory 4,960 19,680 Cost of Goods Sold $ 28,320 Gross Profit Assume that the ending merchandise inventory was accidentally overstated by $1,920. What are the correct amounts for cost of goods sold and gross profit? ren

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...

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