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Over a four-year period, Jackie Corporation reported the following series of gross profits. 2021...

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Accounting

Over a four-year period, Jackie Corporation reported the following series of gross profits. 2021 $60,000 2024 $90,000 32,000 $28,000 Net sales Cost of goods sold Gross profit 2022 $66,000 46,000 $20,000 Problem 6-10A (Static) Part 1 2023 $74,000 28,000 $46,000 48,000 $42,000 In 2024, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $11,000 in 2022. Inventory in all other years is correct. Required: 1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.)
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Over a four-year period, Jackie Corporation reported the following series of gross profits. In 2024, the company performed a comprehensive review of its inventory accounting procedures. Based on this review. company records reveal that ending inventory was understated by $11,000 in 2022 . Inventory in all other years is correct. Problem 6-10A (Static) Part 1 Required: . Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.)

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