Hull Company reported the following income statement information for the current year: Sales$427,000? Cost of goods sold: Beginning inventory$157,500? Cost of goods purchased 290,000? Cost of goods available for sale 447,500? Ending inventory 161,000? Cost of goods sold 286,500? Gross profit$140,500? The beginning inventory balance is correct. However, the ending inventory figure was overstated by $37,000. Given this information, the correct gross profit would be:
A. $120,500.
B. $103,500.
C. $177,500.
D. $116,500.
E. $140,500.
Answer: B
You might also like to view...
To build a successful organization culture the entrepreneur:
A. should focus and not try out different things. B. must create a workplace where communication from the top down is encouraged. C. needs to remember that it is easier to change a person's attitude than it is to change the person's behavior. D. should spend extra time in the hiring process.
The personal characteristic of ______ refers to a person’s passion and perseverance for long-term goals.
A. teamwork B. stability C. grit D. personality
What three constituencies within an organization does traditional public relations serve?
What will be an ideal response?
Autocratic leaders do not contribute to false financial reporting
Indicate whether the statement is true or false