Ian's Small Appliances reported cost of goods sold as follows: Ians made two errors: 1. 2009 ending

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Ian's Small Appliances reported cost of goods sold as follows:

Ianâ€™s Small Appliances reported cost of goods sold as follows:

Ianâ€™s made two errors:
1. 2009 ending inventory was understated by $5,000.
2. 2010 ending inventory was overstated by $2,000.
Calculate the correct cost of goods sold for 2009 and2010.

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Financial Accounting: A Business Process Approach

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Question Posted: Sep 01, 2014 12:36 PM

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Ian's Small Appliances reported cost of goods sold as follows: Ians made two errors: 1. 2009 ending

Question:

2009 $130,000 275,000 405,000 50,000 $355,000 2010 $50,000 240,000 290,000 40,000 $250,000 Beginning inventory Cost of goods available for sale Ending inventory Cost of goods sold

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Beginning Inventory Purchases Cost of Ending In...View the full answer

Financial Accounting: A Business Process Approach

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