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Question - Smart Watch Company reported the following income statement data for a 2-year period.
2016
2017
Sales revenue
$210,000
$260,000
Cost of goods sold
Beginning inventory
33,000
44,000
Cost of goods purchased
193,000
212,000
Cost of goods available for sale
226,000
256,000
Ending inventory
55,000
182,000
201,000
Gross profit
$28,000
$59,000
Smart uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, was overstated $6,000.
Prepare correct income statement data for the 2 years.
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.
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Finished goods with a 75% markup over cost were sold during September for $230,000. Compute the cost of units completed during the month. What are ending inventory balances.
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