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Effects of an Error in Ending Inventory Waymire Company prepared the partial income statements presented...

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Accounting

Effects of an Error in Ending Inventory

Waymire Company prepared the partial income statements presented below for 2019 and 2018.

2019 2018
Sales revenue $538,200 $483,700
Cost of goods sold:
Beginning inventory $39,300 $32,100
Purchases 343,200 292,700
Cost of goods available for sale 382,500 324,800
Ending inventory (46,800) 335,700 (39,300) 285,500
Gross margin $202,500 $198,200
Operating expenses (167,200) (151,600)
Income before taxes $35,300 $46,600

During 2020, Waymire's accountant discovered that ending inventory for 2018 had been understated by $6,500.

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