please help with all parts of the qustions 1&2 Check...
50.1K
Verified Solution
Question
Accounting
please help with all parts of the qustions 1&2
Check my work Assume that Volleyball Pro Equipment had $830,000 of sales during each of three consecutive years, and it purchased merchandise costing $570,000 during each of the years. It also maintained a $235.000 inventory from the beginning to the end of the three-year period. However, it made an error at the end of the first year, 2020, that caused its ending 2020 inventory to appear on its statements at $215,000 rather than the correct $235,000 Required: 1. Calculate the actual amount of the company's gross profit in each of the years Gross profit 2. Prepare a comparative income statement to show the effect of this error on the company's cost of goods sold and gross profit in 2020, 2021, and 2022 For Years Ended December 31, 2020, 2021, and 2022 Income Statement Information Should Have Been Reported As: Income Statement Information Actually Reported For Years Ended December 31, 2020 2021 2022 Cost of goods sold: Gross profit


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
Best
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.