Clinton Cycles uses a periodic inventory system The inventory data

Clinton Cycles uses a periodic inventory system. The inventory data for the year ended December 31, 2016, follow:

Sales revenue ……………………………. $150,000

Cost of goods sold:

Beginning inventory …………………….. 22,000

Net purchases ……………………………. 80,000

Cost of goods available for sale ………… 102,000

Less: Ending inventory …………………. (24,000)

Cost of goods sold ……………………… 78,000

Gross margin ……………………………. $ 72,000

Assume that the ending inventory was accidentally overstated by $4,000. What are the correct amounts of cost of goods sold and gross margin after correcting this error?

Clinton Cycles uses a periodic inventory system The inventory data



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