Please do not give solution in image format thanku Ginger Auto Parts reported the following information in its income statement for 2020 and 2021:SalesCost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleEnding inventory2021$ 126,000Paragraph V B I8,00090,00098,000(10,000)88,000$ 38,000Uv2020$ 119,000Gross profitWhile completing Ginger's 2020 financial statements, the accountant realized that errors had been made inprevious years' inventory calculations. The correct ending inventory at December 31, 2019 was $6,000, thecorrect ending inventory at December 31, 2020 was $4,000, and the correct ending inventory at December31, 2021 was $7,000.Instructions:(a) Calculate the correct cost of goods sold and gross profit for 2020 and for 2021.(b) Calculate the inventory turnover for 2020 and 2021 using the corrected information.A/5,00070,00075,00(8,000)67,000$2,000VYOV0⁰+ v***

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Description: Please do not give solution in image format thanku Ginger Auto Parts reported the following information in its income statement for 2020 and 2021:SalesCost of goods soldBeginning inventoryCost of goods purchasedCost of goods available for saleEnding

Gross profit refers to the amount of profit earned by a company from its sales after deducting the…

Answered: Instructions: (a) Calculate the correct…

Business

Accounting

Instructions: (a) Calculate the correct cost of goods sold and gross profit for 2020 and (b) Calculate the inventory turnover for 2020 and 2021 using the correcte

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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