Over a four-year period, Jackie Corporation reported the following series of gross profits.
2018 2019 2020 2021
Net sales $ 51,000 $ 57,000 $ 65,000 $ 81,000
Cost of goods sold 25,700 39,700 21,700 41,700
Gross profit $ 25,300 $ 17,300 $ 43,300 $ 39,300
In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $9,690 in 2019. Inventory in all other years is correct.
Required:
Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.)
Answers: 1
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Over a four-year period, Jackie Corporation reported the following series of gross profits.
2018...
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