Company Edgar reported the following cost of goods sold but later realized that an error had been
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Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
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Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 2021 $ 11,000 135,000 146,000 16,000 130,000 2022 $ 16,000 140,000 156,000 14,000 142,000
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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