Sheffield Inc. reported the following partial statement of income data for the years ended December...
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Accounting
Sheffield Inc. reported the following partial statement of income data for the years ended December 31, 2021, and 2020:
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Sales | $263,000 | $254,000 | |||
| Cost of goods sold | 204,000 | 199,390 | |||
| Gross profit | 59,000 | 54,610 |
The company reported inventory in the statement of financial position at $46,000, $49,500, and $48,000 at the end of 2019, 2020, and 2021, respectively. The ending inventory amounts for 2019 and 2021 are correct. However, the ending inventory at December 31, 2020, is understated by $7,620.
Prepare correct statements of income for 2020 and 2021 through to gross profit.
| 2021 | 2020 | |||
|---|---|---|---|---|
| Sales | $enter a dollar amount | $enter a dollar amount | ||
| Cost of goods sold | enter a dollar amount | enter a dollar amount | ||
| Gross profit | $enter a total amount | $enter a total amount |
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