Elliott's Hardware reported cost of goods sold as follows. Elliott's made two errors: (1) 2016 ending inventory
Question:
Elliott's Hardware reported cost of goods sold as follows.
Elliott's made two errors:
(1) 2016 ending inventory was overstated $3,000,
(2) 2017 ending inventory was understated $5,000.
Instructions
Compute the correct cost of goods sold for each year.
Transcribed Image Text:
2016 20,000 30,000 150,000 170,000 30,000 2017 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 175,000 205,000 35,000 140,000 $170,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
A 30000 3000 27000 B 35000 5000 40000 Beginning ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
Dowell Hardware reported cost of goods sold as follows. Dowell made two errors: 1. 2016 ending inventory was overstated by $2,000. 2. 2017 ending inventory was understated by $5,000. Instructions...
-
Brooks Hardware reported cost of goods sold as follows. Brooks made two errors:1. 2011 ending inventory was overstated by $2,000.2. 2012 ending inventory was understated by $5,000.InstructionsCompute...
-
Jacob?s Hardware reported cost of goods sold as follows. Jacob?s made two errors: (1) 2011 ending inventory was overstated $3,000, and (2) 2012 ending inventory was understated $6,000. Instructions...
-
The following are the Ledger Balance (in thousands) extracted from the books of Vaishnavi Bank Ltd as on March 31, 2016. The bank's Profit and Loss Account for the year ended and Balance Sheet as at...
-
Golf Pro Inc. is approaching its year-end and the company is considering whether it needs to test the following non-current assets on its balance sheet. The company has been reasonably profitable and...
-
Explain why a state has regulatory authority over a not-for-profit organization. When does the federal government have regulatory authority over a not-for-profit organization?
-
Can offering remote work to employees weaken an organizations culture? Explain.
-
Morgan Freeman is investing $16,380 at the end of each year in a fund that earns 10% interest. In how many years will the fund be at $100,000?
-
A A C D G H M N 1 Company Information & Summary of Significant Account Policies 2 Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high...
-
Your parents have accumulated a $120,000 nest egg. They have been planning to use this money to pay college costs to be incurred by you and your sister, Courtney. However, Courtney has decided to...
-
Inventory data for Moath Company are presented in exercise. In Exercise, Instructions (a) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (b) Will...
-
Smart Watch Company reported the following income statement data for a 2-year period. Smart uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct....
-
How can a nudge be defined as libertarian?
-
Pine Inc. provided services to a customer worth $2,000 on April 28 and recorded no journal entry. It received the payment from the customer on May 3. What adjustment is needed at the end of April,...
-
In this exercise, you are going to be working with 4 classes, a Book Superclass with TextBook and Novel subclasses, and a BookTester class to run your program. For the Book, TextBook, and Novel...
-
In practice, a number of scenarios come up consistently. Training staff on how to address these issues can be challenging. The senior staff knows how to respond. The new staff is less sure. One...
-
If a pool costs $30,000 to install, but only adds $7,000 to the resale value of a house, what is the type of value called?
-
For the fiscal year 2020, Heller Company reports revenues of $56,252 million, net operating profit after tax of $9,735 million, net operating assets of $58,720 million. The 2019 balance sheet reports...
-
Another easy way to assess trend or seasonality fits are to plot the residuals, the detrended or deseasonalized data. Consider annual returns with net income reported by the California Franchise Tax...
-
Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment...
-
Cook Company estimates that 300,000 direct labor hours will be worked during the coming year, 2014, in the Packaging Department. On this basis, the budgeted manufacturing overhead cost data, shown...
-
Zelmer Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2014. The following data were used in...
-
Hill Company uses budgets in controlling costs. The August 2014 budget report for the company's Assembling Department is as follows. The monthly budget amounts in the report were based on an expected...
-
Describe the process of depth-first search (DFS) and provide a Python implementation to traverse a graph using DFS.
-
A number like 197 is called a **Fare prime** because when all of its digits are rotated (197, 971 and 719), each new number is also prime. Help me a code that can find all fare primes up to a...
-
Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise...
Study smarter with the SolutionInn App