Lily Technologies Company reported the following income statement data for a 2-year period. 2022 2023 Sales revenue $200,000 $255,000 Cost of goods sold Beginning inventory 35,000 42,000 Cost of goods purchased 180,000 208,000 Cost of goods available for sale 215,000 250,000 Ending inventory 42,000 50,000 Cost of goods sold 173,000 200,000 Gross profit $27,000 $55,000 Lily uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31, 2022, was overstated $6,000. Prepare correct income statement data for the 2 years. 2022 2023 Sales $ $ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ $

Lily Technologies Company reported the following income statement data for a 2-year period. 2022 2023 Sales revenue $200,000 $255,000 Cost of goods sold Beginning inventory 35,000 42,000 Cost of goods...

Lily Technologies Company reported the following income statement data for a 2-year period.

	2022	2023
Sales revenue	$200,000	$255,000
Cost of goods sold
Beginning inventory	35,000	42,000
Cost of goods purchased	180,000	208,000
Cost of goods available for sale	215,000	250,000
Ending inventory	42,000	50,000
Cost of goods sold	173,000	200,000
Gross profit	$27,000	$55,000

Lily uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31, 2022, was overstated $6,000.

Prepare correct income statement data for the 2 years.

	2022	2023
Sales	$	$
Cost of goods sold
Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Ending inventory
Cost of goods sold
Gross profit	$	$

Jun 03, 2022

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Lily Technologies Company reported the following income statement data for a 2-year period. 2022 2023 Sales revenue $200,000 $255,000 Cost of goods sold Beginning inventory 35,000 42,000 Cost of goods...

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