Ivanhoe Company reported these income statement data for a 2-year period. 2017 2016 Sales revenue...
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Ivanhoe Company reported these income statement data for a 2-year period. 2017 2016 Sales revenue $274,600 $229,250 Beginning inventory 36,430 29,000 Cost of goods purchased 218,030 156,920 Cost of goods available for sale 254,460 185,920 Less: Ending inventory 49,780 36,430 Cost of goods sold 204,680 149,490 Gross profit $69,920 $79,760 Ivanhoe Company uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7,920.
Prepare correct income statement data for the 2 years.
2016 2017
Sales $ $ _________ _________
Cost of goods sold. ___________. __________
Beginning inventory. __________ ___________
Cost of goods purchased________. ___________
Cost of goods available for sale _______. ____________
Less: Ending inventory. ___________. _____________
Cost of goods sold ________________. ______________
Gross profit $ $. ______________. _______________
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