Exercise 6-17 Sheen Company reported these income statement data for a 2-year period. 2016 2017… 1 answer below »

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Exercise 6-17 Sheen Company reported these income statement data for a 2-year period. 2016 2017 Sales revenue $250,000 $210,000 32,000 40,000 Beginning inventory Cost of goods purchased 202,000 173,000 Cost of goods available for sale 242,000 205,000 Less: Ending inventory 55,000 40,000 Cost of goods sold 187,000 165,000 Gross profit $63,000 $45,000 Sheen Company uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $8,000.
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Exercise 6-17 Sheen Company reported these income statement data for a 2-year period. 2016 2017 Sales revenue $250,000 $210,000 32,000 40,000 Beginning inventory Cost of goods purchased 202,000 173,000 Cost of goods available for sale 242,000 205,000 Less: Ending inventory 55,000 40,000 Cost of goods sold 187,000 165,000 Gross profit $63,000 $45,000 Sheen Company uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $8,000.

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