Solution-What are the correct amounts for cost of goods

What are the correct amounts for cost of goods

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Reference no: EM13527567

Effect of an inventory error-one year only

California Pool Supplies' inventory data for the year ended December 31, 2012, follow:

Sales revenue	$ 60,000
Cost of goods sold:
Beginning inventory	$ 4,200
Net purchases	26,600
Cost of goods available	$ 30,800
Ending inventory	(6,200)
Cost of goods sold	$ 24,600
Gross profit	$ 35,400

Assume that the ending inventory was accidentally overstated by $2,400.

Requirement

1. What are the correct amounts for cost of goods sold and gross profit?

Reference no: EM13527567

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What are the correct amounts for cost of goods

Reference no: EM13527567

Reference no: EM13527567

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