Dowell Hardware reported cost of goods sold as follows. Dowell made two errors: 1. 2024 ending inventory
Question:
Dowell Hardware reported cost of goods sold as follows.
Dowell made two errors:
1. 2024 ending inventory was overstated by \(\$ 2,000\).
2. 2025 ending inventory was understated by \(\$ 5,000\).
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 Less: Ending inventory Cost of goods sold 2025 $ 30,000 175,000 205,000 37,000 $168,000 2024 $ 20,000 164,000 184,000 30,000 $154,000
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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