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Question - Partial income statements for Murphy & Murphy (M & M) reported the following summarized amounts:
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Net Sales
$70,000
$69,000
$90,000
$78,000
Cost of Goods Sold
52,500
55,200
64,050
57,720
Gross Profit
$17,500
$13,800
25,950
$20,280
After these amounts were reported, M & M's accountant determined the inventory at the end of Quarter 2 was understated by $3,450. The inventory balance at the end of the other three quarters was accurately stated.
Required -
1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error.
2. Compute the gross profit percentage for all four quarters both (a) before the correction and (b) after the correction. Does the pattern of gross profit percentages lend confidence to your corrected amounts?
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