It said one or more of my answers are wrong. I think for sales revenue, cost of goods available for sale, ending finished goods inventory, cost of goods sold, gross profit, or oper... It said one or more of my answers are wrong. I think for sales revenue, cost of goods available for sale, ending finished goods inventory, cost of goods sold, gross profit, or operating income as they are highlighted.
Understand the Problem
The question is asking to identify which items in the financial calculations for the year ended December 31, 2016, may be incorrect. The highlighted entries include sales revenue, cost of goods available for sale, ending finished goods inventory, cost of goods sold, gross profit, and operating income.
Answer
Check input values for inventory, costs, or revenue calculations.
The concern may be with the calculation of Cost of Goods Sold, Gross Profit, Operating Income, or incorrect input values.
Answer for screen readers
The concern may be with the calculation of Cost of Goods Sold, Gross Profit, Operating Income, or incorrect input values.
More Information
Mistakes often occur in calculating inventory values or not correctly subtracting expenses.
Tips
Ensure accurate values are inputted for inventories and costs. Double-check the formulas used for COGS, Gross Profit, and Operating Income.
Sources
- Cost of Goods Sold (COGS) Explained - Investopedia - investopedia.com
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