Sheffield Watch Company reported the following income statement data for a 2-year period Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 2022 $265,000 Cost of goods sold Gross profit 40,000 eTextbook and Media 210,000 250,000 46,000 204,000 $61,000 Sheffield uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, th ending inventory at December 31, 2021, was overstated $4,000. Prepare correct income statement data for the 2 years. 2021 S $200,000 S 26,000 171,000 197,000 40,000 157,000 $43,000 2022 $ 2021

Sheffield Watch Company reported the following income statement data for a 2-year period Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit (a) Sales Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 2022 $265,000 Cost of goods sold Gross profit 40,000 eTextbook and Media 210,000 250,000 46,000 204,000 $61,000 Sheffield uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, th ending inventory at December 31, 2021, was overstated $4,000. Prepare correct income statement data for the 2 years. 2021 S $200,000 S 26,000 171,000 197,000 40,000 157,000 $43,000 2022 $ 2021

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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