Delhi Hardware reported cost of goods sold as follows. Delhi made two errors: (1) 2013 ending inventory

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Delhi Hardware reported cost of goods sold as follows.

Delhi made two errors: (1) 2013 ending inventory was overstated $2,000, and (2) 2014 ending inventory was understated $6,000.

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Compute the correct cost of goods sold for eachyear.

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Financial and managerial accounting

ISBN: 978-1118016114

1st edition

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

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Question Posted: Dec 29, 2012 05:28 AM

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Delhi Hardware reported cost of goods sold as follows. Delhi made two errors: (1) 2013 ending inventory

Question:

2013 2014 S 20,000 30,000 175,000 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 150,000 70,000 30,000 205,000 35,000 $140,000 $170,000

Step by Step Answer:

2013 2014 Beginning inventory 20000 28000 Cost of goo...View the full answer

Financial and managerial accounting

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