1 The Finish Line Inc. reported the following items in its fiscal 2012 financial report...
60.1K
Verified Solution
Link Copied!
Question
Accounting
1 The Finish Line Inc. reported the following items in its fiscal 2012 financial report ($ in millions). 2012 2011 Sales $1,443 $1,369 Cost of goods sold: Beginning Inventory 220 194 Purchase 983 915 Goods Available for Sale 1203 1109 Less: Ending Inventory 244 220 Cost of goods sold 959 889 Gross Profit 484 480 Assume that counting errors caused the ending inventory in 2011 to be understated by $50 and the ending inventory in 2012 to be overstated by $50. a. Compute the impact of these errors on cost of goods sold for the year ending Dec 31, 2011. What are the correct COGS and gross profit for the year? b. Compute the impact of these errors on cost of goods sold for the year ending Dec 31, 2012. What are the correct COGS and gross profit for the year?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.