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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