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Homework answers / question archive / Assume that Volleyball Pro Equipment had $910,000 of sales during each of three consecutive years, and it purchased merchandise costing $490,000 during each of the years

Assume that Volleyball Pro Equipment had $910,000 of sales during each of three consecutive years, and it purchased merchandise costing $490,000 during each of the years

Accounting

Assume that Volleyball Pro Equipment had $910,000 of sales during each of three consecutive years, and it purchased merchandise costing $490,000 during each of the years. It also maintained a $195,000 Inventory from the beginning to the end of the three year porod. However, it made an error at the end of the first year, 2020, that caused its ending 2020 inventory to appear on its statements at $175.000 rather than the correct $195,000. Required: 1. Calculate the actual amount of the company's gross profit in each of the years Gross prot 2. Prepare a comparative Income statement to show the effect of this error on the company's cost of goods sold and gross profit in 2020, 2021, and 2022 For Wars Ended December 31, 2020 2021, and 2022 Income Statement Information Should Have Been Reported AS: Income Statement Information Actually Reported For Years Ended December 31 2020 2021 2022 Cost of goods sold Grosso

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