Solution-Prepare the correct income statement for two years

Prepare the correct income statement for two years

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Reference no: EM132494009

Question - Skvsong, Inc. reported the following income statement data fora 2-year period.

	2019	2020
Sales revenue	$217,500	$255,500
Cost of goods sold
Beginning inventory	32,000	45,000
Cost of goods purchased	189,000	207,000
Cost of goods available for sale	221,000	252,000
Ending inventory	45,000	55,000
Cost of goods sold	176,000	197,000
Gross pro?t	$41,500	$58,500

Skvsong uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5,000.

Required - Prepare the correct income statement for 2 years.

Reference no: EM132494009

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Prepare the correct income statement for two years : Skvsong uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. Prepare the correct income statement

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Prepare the correct income statement for two years

Reference no: EM132494009

Reference no: EM132494009

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