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  3. novak inc. reported the following partial statemen

Novak Inc. reported the following partial statement of income data for the years ended December...

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Accounting

Novak Inc. reported the following partial statement of income data for the years ended December 31,2024 and 2023:
The company reported inventory in the statement of financial position at $42,900,$53,400, and $51,400 at the end of 2022,2023,
and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the
ending inventory at December 31,2023, by $8,432.
(a)
Prepare correct statements of income for 2023 and 2024 through to gross profit.
Cost of goods sold
image

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