Business, 22.07.2020 21:01 alcott1110

Badger Company had $1,060,000 of sales in each of three consecutive years 2012–2014, and it purchased merchandise costing $580,000 in each of those years. It also maintained a $360,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2012 that caused its year-end 2012 inventory to appear on its statements as $340,000 rather than the correct $360,000. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of the years 2012−2014.

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Badger Company had $1,060,000 of sales in each of three consecutive years 2012–2014, and it purchase...

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