Effects of an Error in Ending Inventory Waymire Company prepared the partial income statements presented below for 2023 and 2022. Sales revenue Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Ending inventory Gross margin Operating expenses Income before taxes $39,300 343,200 382,500 (46,800) 2023 $538,200 335,700 $202,500 (167,200) $35,300 2022 $32,100 292,700 324,800 (39,300) 2022 2022 $483,700 During 2024, Waymire's accountant discovered that ending inventory for 2022 had been understated by $6,500. Required: 285,500 $198,200 (151,600) $46,600 1. Prepare corrected income statements for 2023 and 2022. Use the minus sign for negative values. Waymire Company Income Statement For 2023 and 2022 2023 2023

Effects of an Error in Ending Inventory Waymire Company prepared the partial income statements presented below for 2023 and 2022. Sales revenue Cost of goods sold: Beginning inventory Purchases Cost of goods available for sale Ending inventory Gross margin Operating expenses Income before taxes $39,300 343,200 382,500 (46,800) 2023 $538,200 335,700 $202,500 (167,200) $35,300 2022 $32,100 292,700 324,800 (39,300) 2022 2022 $483,700 During 2024, Waymire's accountant discovered that ending inventory for 2022 had been understated by $6,500. Required: 285,500 $198,200 (151,600) $46,600 1. Prepare corrected income statements for 2023 and 2022. Use the minus sign for negative values. Waymire Company Income Statement For 2023 and 2022 2023 2023

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 59E: Effects of an Error in Ending Inventory Waymire Company prepared the partial income statements...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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