Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows Year 1
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Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows Year 1 Year 2 Beginning inventory $ 121,500 $ 130,300 Cost of goods purchased
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: |
Year 1 | Year 2 | |
Beginning inventory | $ 121,000 | $ 130,200 |
Cost of goods purchased | 251,200 | 281,000 |
Cost of goods available for sale | 377,200 | 412,200 |
Ending inventory | 131,200 | 136,200 |
Cost of goods sold | $ 246,000 | $ 276,000 |
Lucia Company made two errors:
1) Ending inventory at the end of Year 1 was understated by $16,200 and
2) ending inventory at the end of Year 2 was overstated by $7,200.
Given this information, the correct cost of goods sold figure for Year 2 would be:
$268,800
$255,000
$299,400
$292,200
$283,200
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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