Foyle Hardware reported cost of goods sold as follows. Foyle made two errors: 1. 2013 ending inventory
Question:
Foyle Hardware reported cost of goods sold as follows.
Foyle made two errors:
1. 2013 ending inventory was overstated by $2,000.
2. 2014 ending inventory was understated by $5,000.
Instructions
Compute the correct cost of goods sold for eachyear.
Transcribed Image Text:
2014 30,000 20,000 175,000 164,000 205,000 184,000 2013 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 37,000 30,000 168,000 $154,000
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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