Rulix Watch Company reported the following income statement data for a 2-year period.
20...
Rulix Watch Company reported the following income statement data for a 2-year period.
2018 2019
Sales revenue $220,000 $250,000
Cost of goods sold
Beginning inventory 32,000 44,000
Cost of goods purchase 173,000 202,000
Cost of goods available for sale 205,000 246,000
Ending inventory 44,000 52,000
Cost of goods sold 161,000 194,000
Gross profit $59,000 $56,000
Rulix 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 $6,000.
Prepare correct income statement data for the 2 years.
Answers: 2
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