Elliotts Hardware reported cost of goods sold as follows. Elliotts made two errors: (1) 2019 ending inventory

Question:

Elliott’s Hardware reported cost of goods sold as follows.

2019 2020 $ 20,000 $ 30,000 Beginning inventory Cost of goods purchased 150,000 175,000 Cost of goods available for sale Ending inventory 170,000 30,000 205,000 35,000 Cost of goods sold $140,000 $170,000

Elliott’s made two errors: (1) 2019 ending inventory was overstated $3,000, and (2) 2020 ending inventory was understated $5,000.

Instructions

Compute the correct cost of goods sold for each year.

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Jul 16, 2020 02:25 AM

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Elliotts Hardware reported cost of goods sold as follows. Elliotts made two errors: (1) 2019 ending inventory

Question:

2019 2020 $ 20,000 $ 30,000 Beginning inventory Cost of goods purchased 150,000 175,000 Cost of goods available for sale Ending inventory 170,000 30,000 205,000 35,000 Cost of goods sold $140,000 $170,000

Step by Step Answer:

2019 2020 Beginning inventory 20000 2...View the full answer

Accounting Principles

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