Rulix Watch Company reported the following income statement data for a 2-year period. ...
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Accounting
Rulix Watch Company reported the following income statement data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at December 31, 2018, was overstated $6,000.
(a)
Prepare correct income statement data for the 2 years.
2018
2019
Sales
$
$
Cost of goods sold
Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Ending inventory
Cost of goods sold
Gross profit
$
$
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