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Accounting

Question: 1. In taking a physical inventory at the end of year 2011, Nadir Company forgot to count certain units. Explain how this error affects the following:

(a) 2011 cost of goods sold,

(b) 2011 gross profit,

(d) 2012 net income,

(e) the combined two-year income, and

(f) income for years after 2012.

2. Market Company begins the year with $200,000 of goods in inventory. At year-end, the amount in inventory has increased to $230,000. Cost of goods sold for the year is $1,600,000. Compute Market's inventory turnover and days' sales in inventory. Assume that there are 365 days in the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92341895

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