90.2K

Verified Solution

Link Copied!

Saved Help Required information (The following information applies to the questions displayed below.) Over a four-year period, Jackie Corporation reported the following series of gross profits. 2018 $47,000 22,900 $24,100 2019 $53,000 36,900 $16,100 2020 2021 Net sales $61,000 18,900 $42,100 $77,000 38,900 $38,100 Cost of goods sold Gross profit In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $9,010 in 2019. 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.) Gross Profit Ratio 2018 2019 2020 2021 Required information (The following information applies to the questions displayed below.) Over a four-year period, Jackle Corporation reported the following serles of gross profits. 2018 2019 $53,000 36,900 $16,100 2020 2021 $77,000 38,900 $38,100 Net sales $47,000 22,900 $24,100 $61,000 18,900 $42,100 Cost of goods sold Gross profit In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $9,010 in 2019. Inventory in all other years is correct. 2. Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021

Answer & Explanation Solved by verified expert

See Answer