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Question 4 0.84/3 View Policies Show Attempt History Current Attempt in Progress Wildhorse Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Wildhorse Company show the following data: 2021 2020 2019 Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $360,000 254,000 71,000 $325,000 229,000 71,000 $350,000 264,000 71,000 55,000 43,000 35,000 After its July 31, 2021, year end, Wildhorse discovered two errors: 1. At July 31, 2020, Wildhorse had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020, Wildhorse recorded a $15,000 inventory purchase on account that should have been recorded in August 2020. Your answer is partially correct. W .. MacBook Pro - Your answer is partially correct. Prepare corrected income statements for Wildhorse for the years ended July 31, 2019, 2020, and 2021. WILDHORSE COMPANY Income Statement Year Ended July 31 2021 2020 2019 Sales $ 360000 325000 $ 350000 Cost of Goods Sold 264000 Merchandise Inventory Operating Expenses 71000 71000 71000 Profit/(Loss) $ $ $ e Textbook and Media X Your answer is incorrect. o W P .. MacBook Pro X Your answer is incorrect. Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.) 2020 2021 Incorrect inventory turnover 1.47 times times Correct inventory turnover 1.30 times times e Textbook and Media Save for Later Attempts: 2 of 3 used Submit Answer Assignment sent to Gradebook. Your grade is being recorded. LIQLAMA W P X A MacBook Pro so 999 F4 DIL F8 9 FM F10 F12 FS F7 + $ % 5 & 7 * 00 3 4 6 9 0

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