Elliott's Hardware reported cost of goods sold as follows. Elliott's made two errors: (1) 2021 ending inventory
Question:
Elliott's Hardware reported cost of goods sold as follows.
Elliott's made two errors: (1) 2021 ending inventory was overstated $3,000, and (2) 2022 ending inventory was understated $5,000.
Instructions
Compute the correct cost of goods sold for each year.
Transcribed Image Text:
Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2022 $ 30,000 175,000 205,000 35,000 $170,000 2021 $20,000 150,000 170,000 30,000 $140,000
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Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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